Pelosi: 'Medicare Cost Increase Yet Another Example of Misleading Rhetoric on Flawed Policy'
Washington, D.C.-House Democratic Leader Nancy Pelosi released the following statement today after the Bush Administration acknowledged that the Medicare prescription drug bill would cost $534 billion, a 33 percent increase from the Congressional Budget Office prediction of $400 billion last fall:
"The Bush Administration's admission that the Medicare prescription drug bill will cost far more than advertised is yet another example of its misleading rhetoric in support of a flawed policy.
"The Administration misled seniors by claiming to make prescription drugs more affordable, when in reality the bill was designed to provide special interest handouts to big drug companies, HMOs and insurance companies. They told seniors they would be better off, when in fact millions will be worse off than they are today. And now the Administration revealed that this cruel hoax of a bill will cost at least $134 billion more than originally estimated, indebting our children for generations to come while providing little or no benefit to our seniors.
"This is what happens when the Republicans design a bill that dismantles Medicare piece by piece, helps special interests and does nothing to reduce the skyrocketing costs of prescription drugs.
"That's why Democrats are fighting to repeal the billions of dollars in new subsidies for HMOs, give the government the ability to negotiate for lower prices for our seniors, and make prescription drugs more affordable."