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 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

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