Merck—which made $59.3 billion in revenue and $14.5 billion in profits in 2022—argued Tuesday that the Biden administration's effort to lower exorbitant drug prices for seniors would somehow restrict its ability to invest in new cures and treatments.
Republicans immediately rejected Biden's plan, but have yet to release their own budget. They have made it clear, however, that they want to apply deep spending cuts to everything from health insurance to food assistance benefits.
Over the past two years, the Biden-Harris administration and the Democratic-run House and Senate acted to lower healthcare and drug costs; fight climate change and reduce energy costs; invest in mental health care; and invest in American manufacturing and infrastructure.
Under Democratic control, the federal government acted to lower healthcare and prescription drug costs; fight climate change and lower energy costs; invest in gun safety and mental healthcare; and implement a generational investment in American industry, manufacturing, and infrastructure.
The bill lowers healthcare costs, incentivizes companies to adopt renewable energies and produce clean energy products; provides consumer rebates for those products, and delivers tens of billions of dollars of direct investments to American communities—funded by taxes on billion-dollar corporations.