The Presidential Planner: Debt Debate In The 11th Hour

Jul 20, 2011 7:49am

ABC News’ Mary Bruce (@marykbruce) reports:

As the “Gang of Six” deficit-reduction proposal breathes new life into the debt debate, today the president will continue his push for a “balanced” approach that cuts spending and increases revenues.

Today at the White House, President Obama will be interviewed by three regional stations about the deficit debate and the economy: WBNS Columbus, KABC Los Angeles and KMBC Kansas City.

On Tuesday, Obama called the bipartisan “Gang of Six” (now seven) $3.7 trillion plan “a very significant step” and suggested it might signal a path to compromise on the deficit.

"The framework they put forward is broadly consistent with what we've been working on at the White House,” Obama told reporters in the White House briefing room.

With just two weeks until the August 2 deadline to raise the nation’s $14.3 trillion debt ceiling, Obama made clear “we are in the 11th hour.” The president said he plans to call congressional leaders back to the White House in the coming days, possibly as soon as today.

Also on the agenda for today: President Obama and Vice President Biden will meet privately with Defense Secretary Leon Panetta.

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