Schakowsky added that the bill President Bush signed into law today will give drug companies more than $130 billion and seniors a plan that will undermine the future of Medicare, do little to reduce the price of drugs, and cost millions of seniors more than they pay now for prescriptions.

“Seniors are already angry about what they know:  This sham law will do nothing to lower drug prices and will privatize Medicare.  And every day, they are finding out what a betrayal this bill really is,” Schakowsky said.  

Schakowsky added, “Seniors are going to take to the streets to turn back the assault on their beloved Medicare by President Bush and the Republican Congress.  As soon as seniors understand what’s in the bill, they are demanding repeal.”

The Medicare bill, which will take effect in 2006, prohibits Medicare from negotiating lower drug prices and blocks re-importation of drugs from other countries at lower prices.  In addition, 2.7 million seniors will lose their retiree prescription drug coverage; up to 6.4 million of the poorest Medicare beneficiaries will get less drug coverage than they have now; and millions of seniors will see their Medicare premiums rise if they refuse to give up their doctor and join an HMO.