US Senate panel chief seeks $300 bill for Rx

Senator Max Baucus, the new chairman of the Senate Finance Committee,has said that the $300 billion which Congress agreed in May should be set aside to extend Medicare prescription drug coverage over the next 10 years (Marketletters passim) should be used purely for the provision of a prescription drug benefit.

Sen Baucus also rejected proposals for a $52 monthly premium for enrollment in the plan as being too high. He told the Associated Press that "we know we have to get the premium down, otherwise people won't buy in."

The Committee chairman emphasized the importance of getting agreement on a prescription drug benefit by the end of this year, warning that if this is not accomplished, "there's no guarantee we'll have $300 billion next year with the budget squeezes."