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President Obama to Address the Nation Monday Night on Debt Talks

Pete Souza/The White House via Getty Images(WASHINGTON) -- President Obama will use the bully pulpit in prime time Monday night to address the nation on the status of the stalled debt talks. The President will address the nation live at 9 p.m. from the East Room.

Immediately after the President speaks, Republican Speaker John Boehner will offer his perspective on the stalled talks.

The news comes amid an impasse in Washington over how to raise the nation’s credit limit and avoid an Aug. 2 default. It would be the first default in U.S. government history.

Bipartisan talks broke down over the weekend and now Democrats and Republicans are pursuing divergent proposals on Capitol Hill.

Earlier Monday the White House made clear it will support Sen. Harry Reid’s proposal to cut more than $2 trillion in spending, including money saved through the planned drawdown of the wars in Iraq and Afghanistan -- a move Republicans dismiss -- although it is also offered in the GOP House version.

White House spokesman Jay Carney accused House Republicans of walking away from deficit negotiations “after insisting that the budget be balanced on the backs of seniors and the middle class.”

Meanwhile Republican Speaker of the House John Boehner met with his party today to outline his own proposal for a two-step deficit reduction plan.

ABC News has learned the framework would cut and cap discretionary spending to generate $1.2 trillion savings over 10 years and increase the debt limit by less than $1 trillion. The plan would also create a joint committee on deficit reduction to come up with a second wave of deficit reduction by the end of this year.

Copyright 2011 ABC News Radio

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