Biden takes aim at 'junk' insurance, vowing to save money for consumers being played as 'suckers'

President Joe Biden has rolled out a new set of initiatives to reduce health care costs. The initiatives out Friday include a crackdown on what he calls “junk” insurance plans, new guidance to prevent surprise medical bills and an effort to reduce medical debt tied to credit cards. Biden's remarks will build on previous initiatives to limit health care costs. The Department of Health and Human Services is releasing new estimates showing 18.7 million older adults and other Medicare beneficiaries will save an estimated $400 a year in prescription drug costs in 2025. The administration says that's because of the Democratic president placing a cap on out-of-pocket spending as part of last year’s Inflation Reduction Act.