The Budget-Busting Inflation Reduction Act

Michael F. Cannon

Back in November, the Congressional Budget Office (CBO) reported that the Inflation Reduction Act (IRA) was looking a lot more expensive than the agency or the law’s supporters thought. Insurers selling standalone drug plans have indicated to the federal government that they expect Part D enrollees will cost them 35 percent more in 2026 than in 2025. Last week, the CBO’s latest report showed what that will look like over the next decade: “Part D spending per beneficiary...