ABC News’ Mary Bruce (@marykbruce) reports:
The day after the White House and congressional leaders reached an agreement to raise the debt ceiling and avoid economic catastrophe, the president will spend the day urging lawmakers to “do the right thing” and support the deal.
“Is this the deal I would have preferred, no. I believe that we could have made the tough choices required on entitlement reform and tax reform right now,” the president admitted last night. “But this compromise does make a serious down payment on the deficit reduction we need and gives each party a strong incentive to get a balanced plan done before the end the year.”
The agreement cuts roughly $1 trillion in spending over the next 10 years and establishes a bipartisan super-committee to report back by November with a proposal to further reduce the deficit by at least $1.5 trillion and for automatic triggers to spur cuts if the process fails.
With just one day left to raise the nation’s $14.3 trillion debt ceiling, the House and Senate are expected to vote on the measure this afternoon.
The president will spend the day in closed-door meetings with advisors and will also meet with Commerce Secretary Gary Locke, who was confirmed last week as the next U.S. ambassador to China.