[Congressional Record Volume 149, Number 176 (Tuesday, December 9, 2003)]
[Senate]
[Pages S16133-S16134]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. DASCHLE (for Mr. Feingold):
  S. 1995. A bill to amend title XVIII of the Social Security Act to 
repeal the MA Regional Plan Stabilization Fund; to the Committee on 
Finance.
 Mr. FEINGOLD. Mr. President, today I am introducing a bill 
that will remove the multi-billion dollar ``stabilization fund'' from 
the new Medicare prescription drug benefit. This stabilization fund is 
in essence a slush fund that gives billions of dollars to private 
insurance companies. This is not an efficient use of taxpayers' 
dollars. In fact, it's not clear why it's even necessary. If private 
managed care plans are successful in bring costs down, as backers of 
the new Medicare bill expect, and if seniors supposedly want to choose 
private plans, as backers of the new Medicare bill believe, then why 
should American taxpayers pay private companies more money to get more 
people to enroll in them?
  We should not be subsidizing private health insurance companies in 
the name of Medicare reform. It is fiscally irresponsible, in a time of 
record deficits, to use taxpayers' dollars as a giveaway to private 
insurance companies. By removing this multi-billion slush fund, my bill 
will save the American taxpayers billions of dollars. Many analysts 
predict that the new Medicare prescription drug benefit will surpass 
the $400 billion budgeted for it. We need to look carefully at how we 
spend Medicare dollars, so that we can ensure that the program remains 
solvent for future generations.
  I ask unanimous consent that the text of this legislation be printed 
in the Record.
  (At the request of Mr. Daschle, the following statement was ordered 
to be printed in the Record.)
  There being no objectin, the bill was ordered to be printed in the 
Record, as follows:

                                S. 1995

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. REPEAL OF MA REGIONAL PLAN STABILIZATION FUND.

       (a) Purpose of Section.--The purpose of this section is to 
     reduce the Federal budget deficit and to more efficiently use 
     taxpayer dollars in health care spending.
       (b) Repeal of MA Regional Plan Stabilization Fund.--Section 
     1858 of the Social Security Act, as added by section 221(c) 
     of the Medicare Prescription Drug, Improvement, and 
     Modernization Act of 2003, is amended--

[[Page S16134]]

       (1) by striking subsection (e);
       (2) by redesignating subsections (f), (g), and (h) as 
     subsections (e), (f), and (g), respectively; and
       (3) in subsection (e), as so redesignated, by striking 
     ``subject to subsection (e),''.
       (c) Conforming Amendment.--Section 1851(i)(2) of the Social 
     Security Act (42 U.S.C. 1395w-21(i)(2)), as amended by 
     section 221(d)(5) of the Medicare Prescription Drug, 
     Improvement, and Modernization Act of 2003, is amended by 
     striking``1858(h)'' and inserting ``1858(g)''.
       (d) Effective Date.--The amendments made by this section 
     shall take effect as if included in the enactment of the 
     Medicare Prescription Drug, Improvement, and Modernization 
     Act of 2003.
                                 ______