President Barack Obama said Tuesday the proposal put forth this morning by the so-called "Gang of Six," a group of both Republican and Democratic senators, is "a very significant step" that he said represents "the potential for bipartisan consensus" on resolving the impasse over cutting the deficit and raising the debt ceiling.
In an appearance in the White House briefing room, Obama urged congressional leaders to embrace the proposal, which contains both significant cuts and a revenue component. He added that the plan proposed by Senate Minority Leader Mitch McConnell represents a "failsafe" if agreement on a broader deal cannot be reached.
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