By Sam Youngman - 07/25/11 08:29 PM EDT
President Obama, who is locked in a stalemate with House Republicans over the debt ceiling, is taking his case directly to the public Monday night.
Obama will speak from the East Room and talk about "the stalemate in Washington over avoiding default and the best approach to cutting deficits," according to the White House.
He will "talk about the stalemate in Congress and the consequences it has on the stability of our economy and job creation," according to a White House official. "President Obama, like Democratic and Republican Presidents before him, will make clear that failure to compromise and raise the debt ceiling would, in the words of former President Reagan, do 'incalculable damage'. With eight days until deadline, compromise is the only reasonable path ahead to keep our economy strong and growing."
The president met with congressional leaders Saturday morning, but they failed to get a deal to raise the $14.3 trillion debt ceiling as the Aug. 2 deadline approaches.
Talks then shifted to Capitol Hill, with congressional leaders sitting down for negotiations.
Those discussions also failed to yield a plan, leading to Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) offering rival proposals on Monday.
Reid unveiled a $2.7 trillion deficit-reduction plan that includes an array of savings Republican leaders have already endorsed.
Boehner, meanwhile, offered a proposal to raise the debt ceiling by up to $1 trillion while conditioning a future increase on enactment of a deficit-reduction plan and a congressional vote on a balanced-budget amendment.
The White House backed Reid's plan.
“Senator Reid’s plan is a reasonable approach that should receive the support of both parties, and we hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history. The ball is in their court,” said Carney.
—This story was last updated at 7:38 p.m.
Erik Wasson, Russell Berman and Alexander Bolton contributed.