Obama Praises New Plan for Deficit: ; Bipartisan Proposal Is Gaining Traction in Senate in '11th Hour'

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President Obama on Tuesday hailed an ambitious new deficit- reduction plan that is gaining momentum in the Senate, calling it a "very significant step" and saying it could provide the vehicle to break an impasse over raising the federal borrowing limit while cutting the nation's debt.

Appearing at the regular White House news briefing, Obama said the bipartisan proposal is "broadly consistent" with the approach he has advocated, in that it reduces discretionary spending and tackles health-care spending and entitlements while also raising additional revenue.

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Obama Praises New Plan for Deficit: ; Bipartisan Proposal Is Gaining Traction in Senate in '11th Hour'

But in the event that an agreement capable of passing Congress is not reached before a looming deadline to raise the federal debt ceiling, Obama said, lawmakers should finishing hammering out a backup plan now being negotiated by the Senate's Democratic and Republican leaders.

"The problem we have now is we're in the 11th hour, a...

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