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- President Barack Obama offered strong praise Tuesday for a deficit reduction plan put together by a bipartisan group of senators, calling the measure's mix of tax changes and spending reductions "broadly consistent" with his own approach to the current debt ceiling crisis.
# Obama praises the "Gang of Six" plan and says he is still hoping for a grand bargain
The plan would create three tax brackets with rates from 8% to 12%, 14% to 22%, and 23% to 29% -- part of a new structure designed to generate an additional $1 trillion in revenue. It would require cost changes to Medicare's growth rate formula, as well as $80 billion in Pentagon cuts.