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Sens. Ron Wyden and Chuck Grassley. Photo: Mark Wilson/Getty Images

The Senate is ready to start moving forward with a bipartisan bill to lower the cost of prescription drugs, after Sens. Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.) released a detailed outline of the proposal this morning. The Finance Committee will debate the bill Thursday.

What's next: The Senate package would redesign Medicare's drug benefit and allow new payment models in Medicaid, among other changes. And it puts drug prices squarely at the center of Congress' fall agenda: House Speaker Nancy Pelosi's top health care aide said yesterday that House Democrats will introduce their own bill after the August recess.

Go deeper

Senate Democrats unveil new income tax for billionaires

Sen. Ron Wyden. Photo: Drew Angerer/Getty Images

Senate Democrats on Wednesday released a billionaires' tax proposal, designed to help support President Biden's social spending and climate change legislation.

Why it matters: Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, said the Billionaires Income Tax would raise "hundreds of billions of dollars" and would affect approximately 700 taxpayers who have more than $1 billion in assets or incomes of over $100 million a year.

The startup that wants to disrupt big internet providers

Illustration: Maura Losch/Axios

A new startup backed by funding from AOL founder Steve Case and Laurene Powell Jobs wants to break up broadband monopolies across the country.

Why it matters: Internet access has been crucial during the pandemic, but it's not ubiquitous, and it can be both slow and unaffordable in swaths of the country.

4 hours ago - World

Top general: China's hypersonic missile test "very close" to a "Sputnik moment"

Gen. Mark Milley. Photo: Rod Lamkey-Pool/Getty Images

Gen. Mark Milley, the chairman of the Joint Chiefs of Staff, warned Wednesday that China's test of a hypersonic missile is "very concerning" and "very close" to the kind of "Sputnik moment" that triggered the Space Race during the Cold War.

Why it matters: The comments by America's top uniformed general underscore the depths of U.S. concerns about China's rapid military expansion and development of advanced weaponry.

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