The president appeared in the White House briefing room hours after the “Gang of Six” briefed senators on its plan to cut the deficit by $3.7 trillion over 10 years, in part by raising $1 trillion in new revenue. Obama’s decision to align himself with the Senate package aims to further marginalize House Republicans, who have resisted any debt plan that includes new revenues.
“We have a Democratic president and administration that is prepared to sign a tough package that includes both spending cuts, modifications to Social Security, Medicaid and Medicare that would strengthen those systems and allow them to move forward, and would include a revenue component,” Obama said. “We now have a bipartisan group of senators who agree with that balanced approach. And we’ve got the American people who agree with that balanced approach.”
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