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Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi's release of her drug pricing plan last week means that both chambers of Congress are officially working to pass drug pricing legislation, with the White House closely monitoring.

Why it matters: For the time being, each chamber is moving ahead on their own version. Pelosi's was met with some trepidation by progressives, while Sen. Chuck Grassley has his work cut out to convince some of his Republican colleagues to support his bill.

Between the lines: There's a lot of overlap between the two chambers' bills, with the biggest difference being that Pelosi's includes aggressive Medicare price negotiations.

  • There's also a push to combine drug prices with legislation addressing surprise medical bills and overall health costs, which is its own political battle.

The big picture: If both chambers can pass anything — a relatively big if — it's anyone's guess how that happens or how the two versions are reconciled.

  • The administration wants Congress to work it out in a conference committee, a senior administration official told me, and it's remained quiet about the details of Pelosi's bill.
  • "We dig some parts of it, hate other pieces of it, can work through it all in conference, and are pumped that [Pelosi]’s finally in the game," the official said.  

What's next: The House Energy and Commerce Committee will hold the first hearing on Pelosi's bill on Wednesday.

The bottom line: The White House is still the ultimate wild card.

Go deeper: The Trump-Pelosi mind meld on drug costs

Go deeper

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.

Dion Rabouin, author of Markets
4 hours ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.