Drugs to be Cheaper for Seniors on Medicare

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The pharmaceutical industry says it will lower the cost of prescription drugs for some seniors on Medicare.

It's part of an agreement struck with the White House and top congressional leaders who are trying to figure out a way to pay for President Obama's health care reform plan.

The President made the announcement Monday at the White House.  

The drug makers say they are committing to spend $80 billion over the next 10 years by paying part of the cost for name brand drugs for some lower and middle income seniors.

The White House is under criticism because paying for Obama's health care plan is going to cost a lot of money, but the President says agreements like this will be key to getting a health care bill through Congress.

"To those who here in Washington have grown accustomed to the-sky-is-falling prognosis and certainties that we can not get this done I have to repeat and revive an old saying from the campaign. Yes we can. We are going to get this done," Obama said.

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