Jeff Flake: “Last week we heard projections that the prescription drug benefit is going to be far more expensive than we figured.…”

“Last week we heard projections that the prescription drug benefit is going to be far more expensive than we figured. Now, many of us never believed that it would cost just $400 million, and the fact that it is much higher than that is not surprising at all. I would encourage the President and our leadership to work with us to be able to rein in this monster that we have created. Over a period of 75 years, the initial estimates were that this would add $7 trillion in unfunded liabilities. I should point out that every dime to pay for this new benefit is borrowed. Therefore, every dime will be paid for by our kids and our grandkids. It is time to get the bridle on the horse before the horse leaves the barn, and we need to work now, before this benefit starts next year, to make sure that we can reign in the costs. Mr. Speaker, last week the White House released budget projections that show that the cost of the prescription drug benefit that Congress added to Medicare last year could balloon to $1.2 trillion over the next ten years. The initial price estimate of the new entitlement was $400 billion. Frankly, the initial estimate of $400 billion was more than many of us could stomach, but we knew that $400 billion was a lowball estimate and the real cost was sure to be higher. Having said that, it gives none of us pleasure to say 'see, we told you so.'”