Jack Reed: “I have to say that the proposal currently before us is a far cry from what I have previously supported and certainly no…”

“I have to say that the proposal currently before us is a far cry from what I have previously supported and certainly no where near what I had hoped for in terms of a Medicare prescription drug benefit. Indeed, this is not the benefit we ultimately should enact and, more importantly, this is not the benefit our seniors deserve. At best, the Graham-Smith proposal provides a universal catastrophic benefit to those seniors with the highest prescription drug costs and it will aid those States that do not already have a State-based prescription drug benefit. These concessions, offered in a spirit of compromise and bipartisanship, limit the effect and reach of this bill. Chief among these concessions has been cost. That constraint on resources is driven predominately by the passage of the President's tax plan, which leaves us with resources that are only sufficient to meet the needs of low-income seniors and those who spend over $3,300 out of their own pocket. Nevertheless, the proposal does start us on the road to a universal, voluntary benefit for our Nation's elderly and disabled population by offering a comprehensive benefit for those living below 200 percent of the Federal poverty level.”