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Republican and Democratic lawmakers grappled with the issue of high drug costs at a subcommittee hearing of the House Committee on Education and Labor on Wednesday.
President Biden gave a boost to Democrats by broadcasting his support for price negotiation in his first address to a joint session of congress in late April. We all know how outrageously expensive drugs are in America, he said. Let s give Medicare the power to save hundreds of billions of dollars.
Everyone at the hearing agreed that lowering costs of prescription drugs is important what they couldn t agree on is how to do it.
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Treasury Secretary Janet Yellen on Sunday defended President Joe Biden’s plan to raise taxes on corporations and the richest 1% of Americans, telling CNN that the benefits of increased spending on education and infrastructure outweigh any negative effects that could be produced by the tax hikes.
“The greatest threat to our economic recovery – and our long-term economic prospects – is not a marginally higher tax rate for large corporations or the top 1% of taxpayers,” Yellen said. “It s a lack of support for America s workers and families.”
Yellen explained that the Biden administration sees taxing and spending as inseparably connected and argued that the combination of policies it was promoting would produce a clear benefit in the form of stronger economic growth.
White House proposes $1 8 trillion package that would dramatically expand education, safety net programs washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.