WASHINGTON--In dramatic developments, President Obama added an address to the nation tonight at 9 p.m. est to his Monday schedule as an Aug. 2 default looms. House Speaker John Boehner (R-Ohio) will follow with his own speech after Obama's remarks.
Congressional leaders are still far apart on a deal. Obama and Democratic leaders are taking hits pressure from the left over potential erosion of Medicare, Social Security and Medicaid. Republicans--especially the Tea Party faction--are calling on their leaders for a hard line on deep spending cuts and possible tax hikes.
From the White House: "This evening at 9:00PM EDT, the President will address the nation from the White House on the stalemate in Washington over avoiding default and the best approach to cutting deficits. There will be print pool coverage of the President's remarks in the East Room."