The Senate Finance Committee has rejected a proposal that would have forced pharmaceutical companies to lower drug prices for elderly Americans under Medicare. The measure would have saved Medicare beneficiaries more than $100 billion over ten years. The Obama administration had opposed the proposal because it would have undercut a secretive deal with pharmaceutical companies to back healthcare reform. Three Democratic senators— Max Baucus of Montana, Thomas Carper of Delaware and Robert Menendez of New Jersey — joined with the finance panel’s Republican members to defeat the amendment by a 13-to-10 vote. Committee members meanwhile have put off debate on a public insurance option until next week.