Last Updated: Tue Jul 26, 2011 01:30 am (KSA) 22:30 pm (GMT)

President Obama to address Americans on debt impasse, as default looms

President Barack Obama plans to address Americans during prime television viewing time late Monday. (File photo)
President Barack Obama plans to address Americans during prime television viewing time late Monday. (File photo)

President Barack Obama plans to address Americans during prime television viewing time late Monday on the impasse in negotiations over a deal to avert a US debt default, the White House said.


White House spokesman Jay Carney said in a Twitter message that Mr. Obama would address the nation at 9:00 pm (0100 GMT Monday) on the “stalemate over avoiding default and the best approach to cutting deficits.”

The White House said Mr. Obama’s speech from the East Room of the White House would be broadcast live by television.

Democratic and Republican leaders of Congress earlier offered rival strategies to raise the US debt limit and deflate the swollen US budget deficit as the International Monetary Fund warned of a “severe shock” to the world economy if the two sides fail to reach agreement.

The world’s largest economy is on track to run out of cash to pay its bills if Congress does not raise the $14.3 trillion US debt ceiling by August 2.


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