MADISON, Wis. — This week, Wisconsinites got more welcome news from Washington as the Biden-Harris Administration continued to take action to lower costs, announcing the next steps in Medicare drug price negotiation and an additional $9 billion in student debt relief.
“The Biden administration announced Tuesday that all 10 drug companies whose medicines were selected for Medicare price negotiations in August have agreed to participate in negotiations.
“Now, these drugmakers will negotiate directly with the Centers for Medicare and Medicaid Services (CMS) to lower the cost of 10 commonly-used drugs, thanks to a provision in Biden’s Inflation Reduction Act (IRA), which became law last year.
“The provision will significantly lower out-of-pocket drug costs for many of the nearly 1 million Wisconsin seniors enrolled in Medicare Part D coverage.”
“President Joe Biden is canceling another $9 billion in student loan debt. And this comes just days after payments resumed following a three year pause. The White House says it is conducting fixes to what it calls a broken student loan system. After an audit it was able to use existing debt relief programs to help 125,000 borrowers totalling $9 billion. Since Biden has been in office, the White House says, it has canceled 127 billion in debt for nearly 3.6 million borrowers.”