White House kills off major drug pricing reforms as Democrats fail to coalesce around Medicare negotiation plan

Just before departing for Europe this afternoon, President Joe Biden made clear that major drug pricing reforms are unlikely to cross the finish line in the final $1.75 trillion social spending bill from Democrats.

The announcement is a major step back for Biden, who in August pledged that the government would save hundreds of billions from Medicare negotiations, and Democrats in general, who have tried to open up negotiations for years to no avail.