"This bill is clearly a compromise, and no one will get everything they wanted, including me," Obama said in a statement released by the White House. "But it is largely consistent with the principles that I have repeatedly laid out for comprehensive reform."

The president met at the White House Tuesday afternoon with Sen. Charles SchumerChuck SchumerBiden's Supreme Court commission ends not with a bang but a whimper Hispanic organizations call for Latino climate justice in reconciliation Senate to vote next week on Freedom to Vote Act MORE (D-N.Y.) and Sen. John McCainJohn Sidney McCainVirginia race looms as dark cloud over Biden's agenda  Sinema's no Manchin, no McCain and no maverick Progressives say go big and make life hard for GOP MORE (R-Ariz.), two members of the working group that crafted the bill. In his statement, Obama said he pledged to the lawmakers he was "willing to do whatever it takes to make sure that comprehensive immigration reform becomes a reality as soon as possible."

"I urge the Senate to quickly move this bill forward," Obama said.

Under the legislation, the nation's 11 million undocumented immigrants would be given a provisional legal status and a pathway to American citizenship after the federal government took steps to improve security on the U.S.-Mexico border. Those steps include beefed-up surveillance of high-risk areas, hiring 3,500 additional customs agents, and deploying the National Guard to construct border fencing.

The bill would also require employers to use an electronic verification system to check the status of workers, raise the number of visas for high- and low-skilled workers, and set wages to the prevailing level.

"This bill would continue to strengthen security at our borders and hold employers more accountable if they knowingly hire undocumented workers," Obama said. "It would provide a pathway to earned citizenship for the 11 million individuals who are already in this country illegally. And it would modernize our legal immigration system so that we’re able to reunite families and attract the highly-skilled entrepreneurs and engineers who will help create good paying jobs and grow our economy."

The Gang of Eight had planned to introduce the bill at a press conference Tuesday, but the event was cancelled after the bombing Monday at the Boston Marathon.