President Obama will use the pulpit tonight in prime time and the House of Representatives, John Boehner, will report immediately after Republicans and two separate cases to take your game to the American people in a game of high-and last-minute struggle the ceiling of the debt.
The President will address the nation on live 21 hours from the East Room (see ABC news stations or the live broadcast of their right to ABCNews.com). Comments Boehner will follow immediately.
The news comes amid an impasse in Washington on how to raise the country's credit limit and avoid default on August 2. It would be the first bankruptcy in the history of American government.
Bipartisan talks broke down over the weekend and now the Democrats and Republicans are conducting differing proposals on Capitol Hill.
Republicans are rallying around a proposal drafted by John Boehner Speaker of the House, would raise the debt ceiling, but only about $ 1 billion. Obama said he would veto the plan. The debate was difficult and all consumers, Washington and it is feared to have again in a year could hurt the economy. It would also immediately become a major issue in the presidential campaign. Democrats have insisted that any increase in the debt ceiling until 2013.
Marco Boehner cut limit discretionary spending and generate savings of $ 1.2 trillion over 10 years and increase the debt limit for less than $ 1 trillion. The plan would also establish a joint committee to reduce the deficit to reach a second wave of deficit reduction later this year.
Learn more about the Republican plan.
After a meeting this afternoon with the House Republican Conference, Boehner told reporters he had discussed a two-step approach to reduce spending - discretionary spending limits now, and also the formation of a bipartisan special bicameral with a mandate to identify additional deficit reduction later this year.
"This legislation reflects a bipartisan negotiation on the weekend with our colleagues in the Senate and as a result of this bipartite negotiation, I would say that the plan less than perfect, but it meant that spending cuts will exceed the increase the debt limit and also there is no tax increase under the plan. "
Boehner said the bill would also require the House and Senate have voted on an amendment to the budget balanced after October 1 and before a second package of deficit reduction is placed on the ground - enough time to support materializes around a balanced budget amendment.
"Time is running out," said Boehner. "I urge my colleagues in the House to support it, and I urge my Senate colleagues to support both, and I think it would be irresponsible for the President of to veto this legislation because it is a common plan and help us avoid default. "
Today, the White House said the support of the plan in writing by the Democratic and Senate Majority Harry Reid, leader. His proposal to cut more than $ 2 billion of expenses, including the money saved by reducing planned wars in Iraq and Afghanistan - one Republican dismissed as not really to reduce spending - despite the savings also included in a draft budget of the Republican Party that passed the House earlier this year.
Learn more about the Democratic plan.
No plans have that negotiators from both sides had hoped until last week - ensuring that reform of Medicare and Social Security and the Byzantine tax code. Boehner left the negotiations for a "grand bargain" on Friday and essentially closed the door on the hope of President Obama to use the debt ceiling to impose radical reforms on both the government collects money from citizens and the cost of social safety net snowball of America.
Boehner left the talks the two sides, because Obama said he wanted to raise taxes. Obama said that any long-term change must be balanced between spending cuts and tax increases to help the Americans to ensure not to lose more public services.
These negotiations do not use the roof of the largest stock of debt left clearly frustrated by the other parties. The spokesman for the White House Jay Carney accused House Republicans to move away from trading on the deficit "after insisting that the budget is balanced on the backs of seniors and the middle class."
The Democrats have moved in terms of Reid, but does not guarantee any right radical tax reform that the president called for a long time.
And Liberals resist the plan.
"While we applaud Majority Leader Reid for their commitment to protecting Social Security, Medicare and Medicaid - and its opposition to a short-term agreement that could boost mortgage rates and the interests of the middle class - which I encourage urge all Democrats and insist on a balanced approach to end tax breaks and loopholes for big corporations outrageous and the rich. Unfortunately, this plan does, "said the executive director of Moveon.org Justin Ruben of a statement.
Rep. Karen Bass, D-Calif., Said the High Line ABC that the Senate plan, which includes only the spending cuts, but no increase in tax revenues, "will be very, very difficult for the House Democrats' support.
Carney called it "a responsible commitment to spending cuts in a way that protects critical investments and not to harm the economic recovery."
It was more direct on Twitter, when he sent supporters a message: "" House GOP risks to our economy by refusing to make concessions. # The President went twice to fair contracts supported by the public. Is indefensible. "
And Obama spoke to the National Council of La Raza today, saying that "we can not fill the gap by cutting spending. ... Not only is it fair that all this is done on the backs of families of middle class and poor families, it makes no sense. It may sound good to save money over the next five years, but if we sacrifice our future for the next fifty. "
Meanwhile, a spokesman for John Boehner House Republican met his match today in explaining his own proposal for a deficit of two reduction steps.
Despite the ongoing tragedy in Washington and the continued impasse between Democrats and Republicans on this program to cut and how to pay for the promises they made, the markets seemed to ignore the failure of Washington to present to reach only a plan to address U.S. debt roof.
As Republicans and Democrats continued to seek separate solutions, the world's stock markets remained calm - even a little depressed. All major stock closed a little. The Dow Jones fell 0.7 percent, the S & P 500 0.56 percent.
Only gold and the Swiss franc strengthened. Gold closed up 0.86 percent. Ultimately precious metals earlier in the day reached a record $ 1624.30 an ounce. The Swiss franc rose against the dollar.
U. S. Treasury bills showed surprising resilience, with the performance of the benchmark 10-year Treasury rose 3 percent. Some observers took as a sign that fears of a financial disaster had been exaggerated. Type Lebas, fixed income strategist at Janney Montgomery Scott in Philadelphia, told Bloomberg he hoped to see more movement if something "truly catastrophic" in the skyline.
