Thanks to the Biden-Harris Administration, Americans are Saving Nearly $1 Billion on Prescription Drug Costs Arrow

Today, the Biden-Harris administration announced 1.5 million Americans have saved nearly $1 billion on prescription medication under the Inflation Reduction Act. In response, DNC Spokesperson Aida Ross released the following statement:

"Today's announcement shows once again that the Biden-Harris administration's historic Inflation Reduction Act is game-changing legislation that continues to deliver for the American people, including saving 1.5 million people with Medicare nearly $1 billion in drug costs this year alone. President Biden and Vice President Harris are taking on Big Pharma and winning - they've cut the price of prescription drugs, brought down the cost of insulin to $35 a month for seniors, and capped out-of-pocket costs. While Donald Trump is threatening to rip away health care and gut seniors' hard earned benefits, President Biden, Vice President Harris and Democrats up and down the ballot are fighting to protect access to quality, affordable health care for every American."

Thanks to the Biden-Harris administration, 1.5 million Americans have saved nearly $1 billion on prescription drug costs in the first half of 2024.

U.S. Department of Health and Human Services: "Today, the Department of Health and Human Services (HHS), through the Office of Assistant Secretary for Planning and Evaluation (ASPE), released new data showing that nearly 1.5 million people with Medicare Part D saved nearly $1 billion in out-of-pocket prescription drugs costs in the first half of 2024 because of the Biden-Harris Administration's Inflation Reduction Act."

The Hill: "A $35 monthly cap on insulin costs for Medicare beneficiaries went into effect at the start of 2023. Both Biden and Vice President Kamala Harris have spoken in favor of expanding this cap to include everyone."

CBS: "The savings are a result of the cap on out-of-pocket drug costs put in place by the Inflation Reduction Act, a signature piece of legislation the president signed into law in 2022. The law capped out-of-pocket drug costs for Medicare beneficiaries at $3,500 per year, and next year the cap will go down to $2,000 per year."

Donald Trump, JD Vance, and their MAGA allies have railed against the Inflation Reduction Act, and their Project 2025 agenda includes repealing the landmark legislation.

Business Insider: "Former President Donald Trump on Friday slammed the Democratic-led climate, health, and tax bill, arguing that Republican Senate Minority Leader Mitch McConnell of Kentucky was 'taken for a ride' by Sen. Joe Manchin of West Virginia."

Politico: "Vance has said that he would like to get rid of much of the Inflation Reduction Act."

Project 2025: "Support repeal of massive spending bills like the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA)."

WBUR: "Project 2025 also calls for the repeal of the 2022 Inflation Reduction Act."

Business Insider: "Project 2025 and the elimination of the Inflation Reduction Act have been championed by several conservative organizations, all led by the Heritage Foundation, a major conservative think tank."

Vance: "I think there's a lot of bad policy in [the IRA]. … And I'd like to see a lot of it gotten rid of."

Vance: "[The IRA is] dumb, does nothing for the environment and will make us all poorer."

Heartland Signal: "JD Vance opposes [the Inflation Reduction Act's] electric vehicle tax credits that will bring manufacturing, thousands of new jobs to Ohio"

Center for American Progress: "Project 2025 Prescription Drug Plan Would Increase Costs for as Many as 18.5 Million Seniors and Others With Medicare"

White House Fact Sheet: "The Republican Budget would side with Big Pharma to increase drug prices and seniors' out-of-pocket costs by repealing the Inflation Reduction Act.

"Medicare would no longer be able to negotiate lower drug prices. Big Pharma would once again be allowed to set whatever price they want, leaving seniors and taxpayers on the hook and facing higher prices.

"Big Pharma would no longer pay Medicare back when they increase drug prices faster than inflation, allowing them to jack up prices with no accountability.

"Seniors would go back to paying up to $400 for insulin, instead of the $35 price cap per monthly insulin prescription they have today."

Trump has opened the door to cutting Medicare if reelected, after proposing cuts as president.

Joe Kernen, CNBC: "Have you changed your outlook on how to handle entitlements, Social Security, Medicare, Medicaid?"

Trump: "So first of all, there is a lot you can do in terms of entitlements, in terms of cutting."

Vox: "Trump just opened the door to Social Security cuts. Take him seriously."

Forbes: "Trump Floats 'Cutting' Spending On Entitlements Like Social Security And Medicare"

Rolling Stone: "Trump Floats Cuts to Social Security and Medicare"

CNN: "Trump now says he's open to entitlement cuts, including Medicare"

"The administration's fiscal 2020 budget proposed cuts to Medicare and Social Security."

CNN: "Former President Donald Trump once backed raising the retirement age to 70 and called for privatizing Social Security which he called a 'Ponzi scheme'

"'We can also raise the age for receipt of full Social Security benefits to seventy,' he wrote."

Mediaite: "During a Fox News town hall, President Donald Trump promised to cut entitlements like Medicare and Social Security if he were to win a second term. … 'But if you don't cut something in entitlements, you will never really deal with the debt,' town hall co-moderator Martha MacCallum interjected, alluding to social safety programs like Medicare, Medicaid, and Social Security. 'Oh, we'll be cutting,' Trump rushed to confirm."

Washington Post: "His avowed stance, however, is at odds with Trump's own record as president: Each of his White House budget proposals included cuts to Social Security and Medicare programs."

Vox: "Trump said he wouldn't cut Medicaid, Social Security, and Medicare. His 2020 budget cuts all 3."

Trump's FY18, FY19, FY20, and FY21 budgets each proposed billions of dollars in cuts to Social Security programs.

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