President Obama says that deficit reduction proposal presented by bipartisan group of senators offers "potential for bipartisan consensus" for getting an agreement on raising the country’s debt ceiling and reducing the country’s long-term debt.
Obama was reacting to a plan by what had been known as the "Gang of Six" that the president said included spending cuts and "modifications" to Medicare and Social Security and increase revenue through tax reform. The U.S. will hit its debt ceiling on August 2 and Obama characterized negotiations as in "the 11th hour." The president said, "We don’t have any more time for symbolic gestures or posturing."
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