In a letter sent to President Obama on May 11, 2009, a group of industry stakeholders representing hospitals, physicians, health insurers, drugmakers, medical device makers and labor representatives pledged to decrease the annual spending growth rate in healthcare by 20 percent for an estimated savings of $2 trillion or more. To respond to this challenge, the groups wrote that they are "developing consensus proposals to reduce the rate of increase in future health and insurance costs through changes made in all sectors of the healthcare system" with a focus on administrative simplification, standardization and transparency. President Obama has set a deadline of June 1, 2009, for the stakeholder group to submit specifics on their proposals for reducing healthcare spending and costs.