The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 was signed into law by the President on December 8, 2003. The Congressional Budget Office (CBO) provided analysis to the Congress during its deliberations over the addition of an outpatient prescription drug benefit to Medicare and issued in July 2003 federal cost estimates for H.R. 1 and S.1 as passed by the House and Senate as well as an estimate of the conference agreement on H.R. 1 in November 2003. This paper provides details of the reasoning behind CBO's cost estimate of the prescription drug provisions contained in the Medicare Modernization Act.
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