President Barack Obama discusses the continuing budget talks, Tuesday, July 19, 2011, in the the briefing room of the White House in Washington. (AP / Manuel Balce Ceneta)

The Associated Press

WASHINGTON — President Barack Obama on Tuesday endorsed a rejuvenated Senate plan that cuts spending and raises taxes in return for congressional approval to raise the U.S. debt ceiling and avoid a default on American obligations.

Obama spoke briefly in the White House press room just hours after a bipartisan group of six senators resumed negotiating the plan. The senators said they were close to agreement on an immediate $500 billion "down payment" on cutting the deficit as the starting point toward cuts of more than $4 trillion over the coming decade that would be finalized in a second piece of legislation.

The plan also would raise revenues by about $1 trillion over 10 years through a major overhaul of the tax code and cuts to popular benefit programs like Medicare and Medicaid, the federal programs that subsidize health care for the elderly and poor. There was no assurance such a plan would win support in the Republican-controlled House where most members have vowed not to increase taxes.