Senate Finance Committee Chairman Chuck Grassley said last week that he is interested in restructuring Medicare's prescription drug benefit, including putting drug manufacturers on the hook for some of the costs accrued in the "catastrophic phase" of coverage.

By the numbers: A new analysis by the American Action Forum shows the winners and losers. Cheaper drugs would win, and more expensive drugs would end up paying more than they do now.

  • That's kind of the point of the proposal. As drug prices continue to go up, the cost of even one prescription can send a senior straight into the catastrophic phase, where the government picks up 80% of the tab.
  • Experts say that creates bad incentives, and that putting both drugmakers and insurers on the hook for more of these costs will help contain prices.

Details: The maximum rebate for any given drug in 2020 is about $3,700.

  • Reforming these rebates to be a percentage of the drug's cost in the catastrophic phase would mean that there's no limit on how much a drug company would pay.
  • The higher the percentage, the more pharma would have to pay — and the more losers there would be compared to current policy.

My thought bubble: Pharma is going to hate this, especially if it puts the industry as a whole on the hook for greater discounts.

Go deeper: How your health care would change under "Medicare for All"

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Media prepares to fact check debates in real time

Illustration: Annelise Capossela/Axios

From live blogs to video chyrons and tweets, media companies are introducing new ways to fact check the presidential debates in real time this year.

Between the lines: The debates themselves are likely to leave less room for live fact-checking from moderators than a traditional news interview would.

Life after Roe v. Wade

The future seems clear to both parties: The Supreme Court will overturn Roe v. Wade in the next few years, either gradually or in one fell swoop, and the abortion wars will move to a state-by-state battle over freedom and restrictions. 

What's new: Two of the leading activists on opposite sides of the abortion debate outlined for “Axios on HBO” the next frontiers in a post-Roe v. Wade world as the balance on the Supreme Court prepares to shift.

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

Jerome Powell, Trump's re-election MVP

Photo illustration: Annelise Capossela/Axios. Getty Images photos: Andrew Caballero-Reynolds/AFP and Lev Radin/Pacific Press/LightRocket

President Trump trails Joe Biden in most polls, has generally lower approval ratings and is behind in trust on most issues. Yet polls consistently give him an edge on the economy, which remains a top priority among voters.

Why it matters: If Trump wins re-election, it will largely be because Americans see him as the force rallying a still-strong U.S. economy, a narrative girded by skyrocketing stock prices and consistently climbing U.S. home values — but the man behind booming U.S. asset prices is really Federal Reserve chair Jerome Powell.