Reid said Senate rules wouldn't allow such a plan to be passed quickly. He also said he asked Warner to report back to him today about which elements might be included in the proposal Reid is working on with McConnell.
The White House believes the Gang of Six plan can help Obama make the case for his preferred "balanced" approach of tax increases and spending cuts to shrink the deficit, according to an administration official who spoke on condition of anonymity to discuss internal deliberations.
Vocal Support
It would need more vocal support from Republican senators to overcome the resistance of House Republicans to including tax increases, the official said.
McConnell was noncommittal. "I don't have an opinion yet," he told reporters.
House Speaker John Boehner, an Ohio Republican, also tempered his reaction. The "plan shares many similarities with the framework" Boehner has discussed with Obama "but also appears to fall short in some important areas," Boehner's spokesman, Michael Steel, said in an e-mail.
House Majority Leader Eric Cantor gave a mixed review.
"While there are still portions that are unclear and need more detail, this bipartisan plan does seem to include some constructive ideas to deal with our debt," he said in a statement.
Revenue Target
"That said, I am concerned with the Gang of Six's revenue target," Cantor said. "I continue to caution that a tax increase is the wrong policy to pursue with so many Americans out of work."
The plan and Obama's endorsement boosted optimism in the markets. Stocks surged, sending the Standard & Poor's 500 Index to its biggest gain in four months, and Treasuries rallied amid optimism lawmakers were moving closer to a deal.