An agreement has been reached between the Obama administration and pharmaceutical companies to help close a gap in prescription drug coverage under Medicare, the Associated Press reported.
Barry Rand, head of the senior citizens' advocacy group, AARP, will appear with President Obama to make the announcement.
The drug companies have pledged to spend $80 billion over the next decade to help reduce the cost of drugs for seniors and pay for a portion of Obama's health care legislation.
The deal was struck with Sen. Max Baucus, the chairman of the Senate Finance Committee, as well as the White House.
(The preceding article was distributed June 22, 2009, by the Associated Press.)
