Sumary of Medicare Drug Pricing Reform Fails in Committee: Congress Update:
- Budget Committee Chairman Bernie Sanders paints the current price tag as a compromise relative to his initial $6 trillion, while moderates led by West Virginia’s Joe Manchin — who along with Arizona’s Kyrsten Sinema are meeting with Biden Wednesday — want a bill smaller than $3.5 trillion under consideration.
- Article content All times are U.S. Eastern Time: Medicare Drug Pricing Reform Fails in Committee (3:04 p.
- ) A trio of House Democrats blocked approval of a sweeping drug-pricing proposal at the U.S. House Energy and Commerce Committee, threatening their party’s health care agenda.
- Ways and Means Committee Chairman Richard Neal said his committee and Treasury officials are discussing boosting reporting requirements to the Internal Revenue Service to address tax cheats without burdening the middle class.
- He said he has received a letter from Treasury Secretary Janet Yellen and IRS Commissioner Chuck Rettig urging the inclusion of the reporting requirement to raise revenue.
- Article content “I’ve heard it discussed,” House Ways and Means Committee member Bill Pascrell told Bloomberg Wednesday.
- Article content Pascrell said earlier in the day that House Democrats are looking at several options for the SALT deduction, which was capped at $10,000 under Republicans’ 2017 tax law.
- Senate Democrats need all 50 members of their caucus to agree on a final package that will raise taxes on companies and the wealthy, while also expanding social spending in areas including climate change, immigration, health care and elder care.