A bipartisan group of U.S. senators today revived an ambitious budget plan that could provide new ideas to help Congress reach a compromise on raising the nation’s credit limit, Reuters reported.

President Barack Obama threw his support behind the proposal of the so-called “Gang of Six” senators, saying it was consistent with his approach on reducing debt and deficits.

Obama urged Senate Majority Leader Harry Reid, a fellow Democrat, and Senate Republican leader Mitch McConnell to seriously consider it.

The plan proposes $3.75 trillion in savings over 10 years, including $1.2 trillion in new revenues. The group briefed about half of the 100-member Senate, and one group member, Senate Budget Committee Chairman Kent Conrad, said the response was favorable.

According to an executive summary of the plan, it would immediately impose $500 billion in deficit cuts, cut security and non-security spending over 10 years with spending caps and make the Medicare and Medicaid health care programs operate more efficiently.

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