July 19 - U.S. President Barack Obama throws his support behind a debt plan being crafted by a bipartisan group of senators. Deborah Lutterbeck reports.
U.S. President Barack Obama threw his support behind efforts by a bipartisan group of senators to negotiate a new deficit-reduction plan aimed at averting a looming debt default. SOUNDBITE: U.S. President Barack Obama, saying (English): "The good news is that today a group of senators, the gang of six, Democrats and Republicans I guess now the gang of seven, put forward a proposal that is broadly consistent with the approach that I had urged." The senators revived a deficit-reduction plan that would include $3.75 trillion in savings over 10 years, and includes $1.2 trillion in new revenues. SOUNDBITE: U.S. President Barack Obama, saying (English): "We have got to be serious about reducing discretionary spending both in domestic spending and defense. We have got to be serious about handling health care spending and entitlements in a serious way and we have got to have some additional revenue." He also stressed that lawmakers are running out of time, as the nation could run out of money to pay its debts on August 2nd. SOUNDBITE: U.S. President Barack Obama, saying (English): "We don't have any more time to engage ins symbolic gestures. We don't have any more time to posture. It is time to get down to the business of actually solving this problem." Obama said he hopes to resume White House meetings with Congressional leaders. So far Republicans in the House have balked at any plans that include tax increases. Deborah Lutterbeck, Reuters