I think Obama just wet himself, he’s so excited. Even when you know it’s coming, it’s still maddening when it does:
President Obama on Tuesday hailed an ambitious new deficit-reduction plan that is gaining momentum in the Senate, saying it could provide the vehicle to break an impasse over raising the federal borrowing limit while cutting the nation’s debt.
Appearing at the regular White House news briefing, Obama said the bipartisan proposal is “broadly consistent” with the approach he has advocated in that it reduces discretionary spending and tackles health-care spending and entitlements while also raising additional revenue.
But in the event that an agreement capable of passing Congress is not reached before a looming deadline to raise the federal debt ceiling, Obama said, lawmakers should finishing hammering out a backup plan now being negotiated by the Senate’s Democratic and Republican leaders.