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The President is addressing the nation Monday evening to discuss the impending debt limit deadline and the apparent impasse between Republicans and Democrats over deficit reduction proposals.
AP reports that White House spokesman Jay Carney announced the address after House Republican and Senate Democratic leaders unveiled competing plans to raise the government's borrowing limit.
Watch Obama's address live:
President Obama has made clear his desire for a deficit cutting plan that would also increase taxes on corporations and the wealthy in order to address the country's long-term debt problems.
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 would also push the government's borrowing authority through next year, a time frame the President and Democratic leaders are reportedly demanding. However, Reid's plan does not include new tax revenue, something Obama has also demanded.
Meanwhile, House Speaker John Boehner has praised the House GOP's new plan, which includes an immediate $1.2 trillion in spending cuts and caps combined with a $900 billion increase in the nation's borrowing limit. House Republicans' plan would also call for the creation of a congressional committee whose mission would be to come up with roughly an additional $2 trillion in cuts.
Boehner reportedly think's Reid's plan fails to address Medicare and Medicaid and would not impose meaningful changes in the way the government spends money.