WASHINGTON (AP) — Democrats will push ahead on restraining pharmaceutical prices and extending health insurance subsidies for millions of Americans, Senate Majority Leader Chuck Schumer affirmed Tuesday, backing President Joe Biden's call for his party to settle for a pared-down economic package and effectively concede to a pivotal senator.

Aiming to craft the bill and approve it over likely unanimous Republican opposition by Congress' recess next month, Democrats were already hailing it as a victory. Passage would give the party an achievement ahead of November voting in which Republicans see...