(CNN) — After a year of negotiations, Senate Majority Leader Chuck Schumer and Senator Joe Manchin have a deal on a health care and energy bill that could change how Medicare negotiates medication prices.
The bill still faces an uphill battle with many in the GOP firmly against it. Senate Minority Leader Mitch McConnell has vowed to halt passage of the semiconductor bill if Democrats pursue a party-line bill on climate and drug prices.
If passed Medicare would be able to negotiate the price of costly medications administered in doctors’ offices or purchased at pharmacies. By 2029, 20 drugs per year could be negotiated. It also would redesign Medicare’s Part D drug plans so that seniors and certain people with disabilities would not pay more than $2,000 per year for medication.
Overall, the drug provisions would reduce the deficit by $288 billion over a decade, according to the CBO.
The bill could also be a big win for climate provisions with reductions in carbon emissions and clean energy tax credits.
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