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.

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

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

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.

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