Washington (CNN) - Democratic and Republican congressional leaders unveiled new deficit reduction plans Monday as top officials scrambled to bridge a cavernous partisan divide and raise the federal government's debt ceiling before an unprecedented - and potentially devastating - national default.
Both plans provide a path to raise the debt ceiling through the end of 2012, but differ sharply in terms of their requirements for future congressional action and both tax and spending reform requirements.
President Barack Obama is scheduled to deliver remarks on the state of the negotiations at 9 p.m. ET, according to White House press secretary Jay Carney.
According to Democratic officials familiar with the speech, Obama will emphasize that a congressional stalemate exists and requires compromise to avoid an imminent threat of default.
The sources, who spoke on condition of not being identified, said Obama also will criticize House Republicans for an intransigent approach and encourage Americans to tell their elected representatives that compromise is needed.
While Obama will endorse a Democratic plan proposed Monday by Senate Majority Leader Harry Reid, he will acknowledge the plan has little chance of getting passed in the Republican-controlled House, just as the competing Republican plan unveiled Monday by House Speaker John Boehner is unlikely to get passed by the Democratic-majority Senate, the sources said.
The president will push for the two parties to work out an acceptable deal, and the speech will not include any details for a government contingency plan in the event of a default, the sources added.FULL STORY
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