New Biden-Harris Medicare plan could cost taxpayers $20 billion in election-year giveaway, CBO warns

(JUST THE NEWS) – In an election-year stunner, the Congressional Budget Office is warning the Biden-Harris administration’s new Medicare prescription drug plan could cost taxpayers more than $20 billion over three years.

The budget analysis arm of Congress said the increased costs are due to the government subsidizing many seniors’ premiums by sending money to insurance firms, and it would cost at least $5 billion extra in 2025 alone and add to the deficit.

“The higher costs are attributable to the increases in subsidies for premiums and risk corridors,” the CBO told key lawmakers this week.