Obama Panel’s Deficit Plan Should Be Basis for Deal, McCain Says

U.S. Senator John McCain said a proposal by President Barack Obama’s debt commission should form the basis of a deal to balance the nation’s budget, joining a growing number of lawmakers who back reviving the plan.

While McCain, an Arizona Republican who lost to Obama in the 2008 presidential election, said he doesn’t endorse the panel’s recommendation to cut deficits by raising some taxes, he would negotiate a compromise “with everything on the table.”