Obama to address nation on debt limit stalemate

(AP) - The White House says President Barack Obamawill address the nation at 9 p.m. Monday to discuss the approachingdebt limit deadline and an apparent

WASHINGTON - (AP) - The White House says President Barack Obamawill address the nation at 9 p.m. Monday to discuss the approachingdebt limit deadline and an apparent political stalemate overdeficit reduction proposals.

White House spokesman Jay Carney announced the address afterHouse Republican and Senate Democratic leaders unveiled competingplans to meet an Aug. 2 deadline to raise the government'sborrowing authority.

Obama is supporting a proposal by Senate Majority Leader HarryReid that would trim $2.7 trillion of government spending over 10years.

Reid's plan does not include new tax revenue, as Obama hasdemanded. But unlike the GOP plan, it would extend the debt ceilinginto 2013 - an Obama ultimatum. The House plan trims about $1.2billion but would only extend the debt ceiling for less than ayear.

New debt-limit talks: No sign of a breakthroughObama, Boehner trade blame on debt-talks collapse

advertisement | advertise on News 12

Trending Video

1 VIDEO: Mini-mall plaza opens in Sunset Park
News 12 Brooklyn asked residents what they like 2 Word on the Street: Inauguration Day
Authorities have released a surveillance image of a 3 Police release image of car suspected of Brooklyn drive-by shooting
4 Brooklyn Sportscast, Jan. 17
Our Lady of Loreto Church in Brownsville has 5 Residents fight to save vacant Brownsville church

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE