Confirming that “some progress” has been made in the race to come to a deal to raise the debt ceiling limit prior to August 2nd, President Barack Obama showed support for a plan put forward by a group of Senators. The bipartisan proposal would impose severe and immediate spending cuts, cap future government spending at a certain percentage of the national economy, and call for an amendment to the US constitution to require Congress to pass a balanced budget.
Source: BBC News
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