Jeremiah Smith: “I have an amendment, No. 3031, called prescription drug amendment, along with my colleague, Senator Allard. Three or…”

“I have an amendment, No. 3031, called prescription drug amendment, along with my colleague, Senator Allard. Three or four minutes does not give much time to explain a complicated amendment, but I say to my colleagues on the other side of the aisle it meets the criteria of the Democrat plan with a couple of additions for improvement. It is revenue neutral. It eliminates the need to spend $40 billion in the budget. It takes effect as early as 2001, and there is no premium increase for seniors. It is voluntary. It is accessible to all Medicare beneficiaries. It is designed to provide meaningful protection. It is affordable for all beneficiaries. It is administered using the private sector. It is consistent with broader Medicare reform. It is revenue neutral. It does not increase premiums. It provides full prescription drug benefits as early as 2001. The cost to the trust fund under Smith-Allard is zero; the cost to the trust fund under the Clinton proposal is $203 billion over the next 20 years. It is supported by Mr. King, the former HCFA Administrator, in a letter.”