Democrats reach drug price deal, Biden upbeat on Manchin

WASHINGTON (AP) — Democrats reached agreement on a plan to lower prescription drug costs for most older people, capping out-of-pocket Medicare costs at $2,000 and reducing the price of insulin, salvaging a campaign promise as part of President Joe Biden's $1.75 trillion domestic policy proposal.

Senate Majority Leader Chuck Schumer on Tuesday announced the deal, which is one of the few remaining provisions that needed to be resolved in Biden's big package as the party moves closer to wrapping up negotiations. Schumer acknowledged it's not as sweeping as Democrats had hoped for, but a compromise struck with one key holdout Democrat, Sen. Kyrsten Sinema of Arizona.

And Biden sounded upbeat about winning overall backing from another holdout, Democratic Sen. Joe Manchin of West Virginia, who threw the president's plan in flux this week by refusing to endorse it.

"He will vote for this,” Biden said of Manchin during remarks at a global climate summit in Scotland.

Without divulging their private conversations, Biden said the senator was looking at the fine print of the legislation. “But I think we’ll get there,” the president said.

Democrats are rushing to overcome party battles and finish a final draft of Biden's plan. House Speaker Nancy Pelosi had hoped to wrap up the draft and pave the way for voting as soon as Thursday on the overall package, according to her remarks at a closed-door caucus meeting. But no votes have been scheduled.

The stakes are stark as Democrats are warily watching governors' races Tuesday in two states — Virginia and New Jersey — that are seen as bellwethers in the mood of the electorate. Democrats are struggling to hold states that recently favored the party over Republicans.

Fingers are pointing all around as negotiations over Biden's ambitious...