The Oversight Committee holds a hearing, "The Medicare Drug Benefit: Are Private Insurers Getting Good Discounts for the Taxpayer?" The Medicare Part D program provides prescription drug coverage to almost 30 million enrollees, and will cost federal taxpayers almost $1 trillion in the next decade. The hearing will examine whether the private insurers that receive government subsidies to provide the Part D benefit are able to effectively obtain prescription drug discounts from drug manufacturers. Since the Part D program's inception in January 2006, observers have questioned whether the private insurers who run the program are effectively negotiating with drug manufacturers for low prices. Rep. Elijah Cummings questions the first panel of expert witnesses.

John McCain