President Obama says he sees promise in an emerging Senate fiscal plan.

It would include: 1) spending cuts; 2) revenue increases, and 3) changes in Medicare and Social Security. The last has to mean either increased payments or reduced benefits for patients or providers. Overall, this sounds like a plan in which both sides would give ground.

It will, of course, have to come after the House does its show vote on the cut, cap and balance plan. I saw economist Robert Greenstein talk about the dire effects of this ill-gotten cheap trick last night, which House Republicans are determined to approve. It would bring nothing less than a Great Depression. Tea Party House members like the Three Mouseketeers — Tim Griffin, Rick Crawford and Steve Womack — would sacrifice the country on the altar of their protect-the-rich ideology.

UPDATE: But wait. This deficit reduction plan is not tied to the debt ceiling, which faces an Aug. 2 deadline, the Obama administration says.

Statement follows from Sen. Mark Pryor’s office: