Democrats announce deal for lower drug prices in Biden bill

By LISA MASCARO and FARNOUSH AMIRI
Associated Press

WASHINGTON (AP) — Democrats announced they have sealed a deal to lower pharmaceutical drug costs for seniors as part of President Joe Biden’s sweeping $1.75 trillion domestic proposal. The plan would cap out-of-pocket Medicare costs to $2,000 and lower insulin prices, according to Senate Majority Leader Chuck Schumer who announced the deal Tuesday. It’s less far-reaching than first envisioned, but helps salvage a campaign promise. House Speaker Nancy Pelosi told Democrats privately Tuesday she expects to finish a final draft of Biden’s overall bill by midday with possible votes Thursday. That’s according to a person who requested anonymity to discuss her closed-door remarks.