The Hill News

Treasury Secretary Tim Geithner said top officials left a bipartisan meeting with President Obama Wednesday morning optimistic that they could compromise on a deficit reduction plan than when they arrived.

A few hours before Obama unveiled his proposals to tackle the federal deficit, the president met in a closed door session with Geither and other top administration officials, as well as both Republican and Democratic leadership to discuss his deficit reduction plans. Obama announced his plan in a widely televised speech at George Washington University.

"Well, you know, I sat with the president and the leadership off both houses, both parties, this morning at the White House," Geithner said Wednesday afternoon on PBS's Newshour with Jim Lehrer. "And, actually, I think we came away from that more optimistic, more confident that this is a moment where we have a chance to get both sides to come together and lock the Congress into a comprehensive, balan! ced, responsible plan to bring our deficits down over time."

Geithner made the optimistic comments despite the negative response by top Republicans to Obama's deficit reduction plan. Republicans largely panned Obama's proposal, particularly on his plans to allow the Bush tax cuts to expire and raise taxes on the wealthy. They also defended the budget plan produced by House Budget Committee chairman Paul Ryan (R-Wis.). Ryan's plan which would cut roughly $6 trillion in federal spending over the next ten years.

"This was a speech designed for the president to win reelection," Rep. Jeb Hensarling (R-Texas), the chairman of the House Republican conference said in response to Obama's speech.