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Obama: progress on debt limit talks

Obama praises debt limit plan from bipartisan Senate group that would cut federal spending by more than $4 trillion over the next 10 years. President warns that lawmakers nearing debt limit deadline.

By Andrew TaylorAssociated Press / July 19, 2011

President Obama says debt limit negotiations have made some progress in a July 19, 2011, briefing at the White House in Washington.

Manuel Balce Ceneta/AP

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WASHINGTON – President Barack Obama says there has been "some progress" in negotiations with bipartisan lawmakers over raising the nation's debt ceiling.

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But Obama says lawmakers are nearing the "11th hour" as an Aug. 2 deadline to raise the debt ceiling nears. He praised a proposal from leaders of the bipartisan "Gang of Six" who say they're nearing agreement on a major plan to cut the deficit by more than $4 trillion over the coming decade.

The president's remarks come as House Republicans move toward a vote on legislation that would raise the nation's debt limit in exchange for trillions of dollars in federal spending cuts and congressional approval of a constitutional amendment requiring a balanced budget. Democratic opposition means it has no chance of clearing the Senate, and even if it did, Obama has vowed a veto.