WASHINGTON, D.C. -- The White House says President Barack Obama will address the nation at 6 p.m. PDT Monday to discuss the approaching debt limit deadline and an apparent political stalemate over deficit reduction proposals.
White House spokesman Jay Carney announced the address after House Republican and Senate Democratic leaders unveiled competing plans to meet an Aug. 2 deadline to raise the government's borrowing authority.
(Editor's note: The address will be streamed live on KING5.com and NWCN.com)
Obama is supporting a proposal by Senate Majority Leader Harry Reid that would trim $2.7 trillion of government spending over 10 years.
Reid's plan does not include new tax revenue, as Obama has demanded.
But unlike the GOP plan, it would extend the debt ceiling into 2013 -- an Obama ultimatum. The House plan trims about $1.2 billion but would only extend the debt ceiling for less than a year.