Agreement to help close the gap in prescription drug coverage
President Obama will make a formal announcement Monday stating an agreement has been made by the pharmaceutical industry to assist in closing a gap in prescription drug coverage under Medicare.
The president has invited Barry Rand, head of AARP, to appear with him.
The drug companies have promised to spend $80 billion over the next ten years to reduce the cost of drugs for seniors. The money will also pay for part of Obama's health care legislation.
The deal was originally struck with Senator Max Baucus, the chairman of the Senate Finance Committee, as well as the White House.