VIDEO: Obama Praises Gang of 6 Debt Plan

The president says the bipartisan plan is consistent with his own approach.

Pablo Martinez/AP

It’s about time. CNN is reporting that a compromise agreement on the debt-ceiling crisis is imminent.

President Barack Obama has issued strong praise for a deficit-reduction plan assembled by a group of bipartisan senators, or the so-called Gang of Six, calling it "broadly consistent" with his own approach to curbing the looming debt crisis, the site reports.

The Gang, made up of three Democrats and three Republicans, recommends a cut to "the nation's debt by about $3.7 trillion over 10 years -- similar to the president's call for roughly $4 trillion in savings ... ," the story says.

The Senate's top two Democrats, however, say there may not be enough time before the debt ceiling is reached on Aug. 2 to pass the comprehensive Gang of Six plan.

After all the wrangling and posturing, it seems like a good idea to pass a bipartisan deal. Even if the measure could be fine-tuned, it sounds like a much better plan than the "Cut, Cap and Balance" measure, no?

Read more at CNN.

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