Tags: US | Debt | Showdown | Obama

Obama to Address Nation on Debt Limit Stalemate

Monday, 25 Jul 2011 05:33 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON  — The White House says President Barack Obama will address the nation at 9 p.m. 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.

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.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Florida Al-Qaida Suicide Bomber Came Back to US Before Mission

Thursday, 31 Jul 2014 06:26 AM

Moner Mohammad Abusalha, the 22-year-old Florida man who became an al-Qaida suicide bomber, returned home for several mo . . .

Paul Ryan: Obama's Impeachment Talk Is 'Ridiculous Gambit'

Wednesday, 30 Jul 2014 22:32 PM

Rep. Paul Ryan says legislation to deal with the crisis of illegal migrant children is imminent – but broader reform unl . . .

Feds to Give Company $84M for Destroyed Gaza Power Plant

Wednesday, 30 Jul 2014 22:09 PM

A little-known federal agency that helps U.S. companies expand overseas is reportedly ready to fork over $84 million to  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved