deficit

(UPI/Bill Greenblatt)

Thank you for joining us earlier this morning for the live webcast of President Obama's address on his deficit reduction plan.

For a summary of his address and more information, see this post from NPR's The Two-Way.

Earlier, we also posted The Two-Way's "Five things to know about Obama's deficit plan"

President Obama this morning outlines a deficit-reduction plan that his economists say would reduce anticipated federal budget deficits by about $4 trillion over the next decade.

UPI/Bill Greenblatt

According to Mo. Sen. Roy Blunt the bipartisan “Gang of Six” plan to raise the debt ceiling and cut the deficit by $4 trillion is too complicated to agree on by the Aug. 2 deadline set by the Obama administration.

Speaking with reporters during a weekly conference call, Blunt said he might support a short- term solution to raise the debt limit in order to allow time for a broader plan to be implemented.

UPI/Bill Greenblatt

Missouri Sen. Claire McCaskill says the bipartisan “Gang of Six” plan to steer the government away from a first-ever default on its financial obligations makes sense because it helps the deficit and lowers corporate and personal tax rates.

The democratic Senator attended the meeting on Capitol Hill Tues. where some 50 senators from both parties were briefed on the plan. McCaskill says most of the senators are excited about the compromise that was presented.

(Bill Greenblatt/UPI)

The U.S. Senate announced today that it will accept a bill from the House to fund government for an additional two weeks, averting a government shutdown on Friday.

The House had proposed a budget which cut $60 billion in federal spending, which Senate Democrats complained was too much.

Siding with his former House colleagues, Missouri Senator Roy Blunt said he sees little room for compromise when it comes to reducing the deficit.

Missouri's Senators Claire McCaskill and Roy Blunt agree that the president's proposal to cut the deficit does not go far enough.

President Barack Obama proposed a freeze in spending in his State of the Union speech last night.

McCaskill, a Democrat, says the president's spending cuts don't go far enough: