Trump throws cold water on Pelosi's plan to lower Medicare costs

President Trump will not support House Speaker Nancy Pelosi’s plan to lower Medicare costs.

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A source confirmed to FOX Business on Tuesday that the administration has concluded Pelosi's plan is "unworkable" and Trump will instead support bipartisan legislation pending in the Senate. Though, while the president supports the general direction of the Senate bill, he isn’t necessarily behind all of the specifics.

The official spoke on the condition of anonymity to discuss ongoing deliberations.

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Pelosi released her plan last month. It would require Medicare to negotiate on prices for no fewer than 25 of the priciest drugs. Those prices would also be made available to employer health plans, too.

The House Speaker, who also wants to curb Part D copays to $2,000 per year, said at the time her goal was to release a deal the president would agree to.

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“We do hope to have the White House buy-in because that seems to be the route to getting any votes in the United States Senate,” Pelosi said during a press conference.

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The Congressional Budget Office (CBO) estimated Pelosi’s bill would save the program $345 billion.

During his candidacy, Trump indicated support for Medicare negotiations, which are generally opposed by Republicans. Instead, however, he is said to be throwing his support behind a bill sponsored by Republican Iowa Sen. Chuck Grassley and Democratic Oregon Sen. Ron Wyden, which includes some items similar to Pelosi’s bill – including limiting out-of-pocket prescription drug costs for seniors and requiring companies to pay rebates to Medicare if prices are hiked faster than inflation.

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Recently, Trump and Pelosi have squared off over her decision to support an impeachment inquiry in the House.

FOX Business’ Blake Burman contributed to this report.