President Barack Obama all-but-endorsed a deficit reduction proposal introduced earlier today by the so-called “Gang of Six” U.S. Senators.
In a statement at the beginning of today’s press briefing, Obama called the Gang of Six proposal “broadly consistent” with the vision for deficit reduction he laid out, adding that it is “balanced.”
Obama has frequently mentioned that any debt limit deal will have to be in “balance.”
The president called the Gang of Six proposal a “very significant step” in the talks, saying he has to read it over before giving it his full-throated endorsement.
Obama again stressed the importance of reaching a deal soon, saying “We are in the eleventh hour and we don’t have a lot of time left.” He encouraged congressional leaders to begin “talking turkey” on reaching a deal tomorrow.
House Republicans are preparing a vote on “Cut, Cap and Balance” today, their rival proposal that Obama has already threatened to veto, and has no chance of passing the Democrat-controlled Senate.
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1:55pm | Carney implying everyone but House Republicans has embraced a balanced approach to deficit reduction.
1:43pm | Carney says the McConnell proposal remains the “last-ditch” deal, but said Obama is encouraged by the Gang of Six proposal.
1:38pm | That’s it for President Obama. White House spokesman Jay Carney will begin taking questions shortly.
1:37pm | Obama says there will be some “difficult” discussions ahead, but says “I think we now are seeing the potential for a bipartisan consensus.”
1:37pm | Obama says he will arrange a meeting with Speaker Boehner and other leaders after the balanced budget amendment vote in the House today.
1:37pm | Obama: “So far at least, markets have shown confidence that leaders will not send economy off cliff”.
1:36pm | Obama isn’t fully endorsing the Gang of Six proposal, saying he’s still reading it over, but it sounds like he’ll get there soon.
1:35pm | Obama said he “congratulates” the Gang of Six on its proposal. Calls it “balanced.“
1:35pm | Obama calls on Congressional leaders to start “talking turkey” tomorrow.
1:34pm | Obama says he would sign a bill that would modify medicare and medicaid, as long as it includes revenues. Says a bipartisan group of Senators now agree with him.
1:33pm | Obama calls the “Gang of Six” plan a “very significant step” in the talks.
1:32pm | Obama said he is encouraged by the “Gang of Six” proposal introduced this morning. It sounds a lot like an endorsement. He called it “broadly consistent” with what he’s been laying out.
1:32pm | Obama: “We are in the eleventh hour and we don’t have a lot of time left.“
1:31pm | Obama says “some progress was made” over the weekend, adding there was “some narrowing on the issues.”
1:31pm | Here is Obama.
1:28pm | Obama may also address the “Gang of Six” proposal introduced hours ago by a bipartisan group of Senators. That plan for $3.6 trillion is already picking up support from both sides of the aisle in the Senate, though passage in the House will be difficult.
1:27pm | Expect President Obama to address the Republican “Cut, Cap, and Balance” plan, branded as “Duck, Dodge, and Dismantle” by the White House.
1:26pm | President Obama will take the podium in minutes to provide an update on the status of the debt ceiling and deficit negotiations.
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