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House Speaker Nancy Pelosi. Photo: Win McNamee/Getty Images

House Speaker Nancy Pelosi has put forward an aggressive plan allowing Medicare to negotiate the prices of some prescription drugs that could also be applied in the commercial market.

Why it matters: Under any other GOP administration, this plan would be dead on arrival. But Washington is waiting to see whether President Trump bites — and can then browbeat other Republicans into voting for it.

Between the lines: The framework of the plan is very similar to the draft that recently leaked, with changes likely made to appease various factions within the Democratic caucus.

Details:

  • The HHS secretary would identify 250 drugs without meaningful competition each year, and negotiate the prices of at least 25 of them. The negotiated price couldn't be more than 1.2 times what other countries pay for it, on average.
  • If a drug manufacturer refuses to negotiate, it'd get hit with an excise tax on annual gross sales beginning at 65% and increasing 10% every quarter that it remains out of compliance.
  • The manufacturer would be required to offer the negotiated price to commercial plans.
  • The plan also limits price increases in Medicare Part D and Part B to inflation (applied retroactively to 2016), creates an out-of-pocket spending cap in Part D, and restructures how Part D is paid for.

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

Go deeper

Updated 7 mins ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Loic Venance/AFP via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: Biles drew global attention after pulling out of the individual all-around and team finals to prioritize her mental health. It's unclear if she will compete in the balance beam or floor exercise events.

24 mins ago - Sports

American Katie Ledecky wins Olympic gold in women's 800m freestyle

Photo: François-Xavier Marit/AFP via Getty Images

American superstar swimmer Katie Ledecky grabbed her second gold medal of this year's Olympic Games, winning the women's 800-meter freestyle race Saturday in Tokyo.

Driving the news: Ledecky, who holds the world record in the 800m freestyle, is considered one of the best women swimmers of all time. Earlier this week, she snagged gold in the first-ever women's 1500m freestyle and took home silver medals in the 400m freestyle and the 4x2100m freestyle relay.

36 mins ago - Sports

Caeleb Dressel breaks world record in men's 100m butterfly, wins 3rd gold in Tokyo

Photo: Jean Catuffe/Getty Images

American swimmer Caeleb Dressel broke the world record in the men's 100-meter butterfly final in Tokyo on Saturday, picking up his third gold medal of this year's Games.

The big picture: Dressel finished with a time of 49.45 seconds. Hungary's Kristóf Milák won the silver, and Switzerland's Noe Ponti took the bronze.

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