President Barack Obama will address reporters on the status of debt talks at 4:40 p.m. in the White House press briefing room.
Talks between Obama and Republican legislators over raising the debt ceiling have been stalled for nearly two weeks over the whether Republicans will accept revenue increases in exchange for deep spending cuts.
Over the past week, Obama has indicated they would agree to Medicare and Medicaid cuts — in addition to nearly $1.2 trillion in other cuts — in exchange for a deficit reduction deal that includes cuts to corporate subsidies.
It is Obama’s second time speaking to the press in the last week — an indication that the usually press-shy president is turning up the heat to reach a deal by July 22.
The National Journal reports that Congressional leaders are likely headed to the White House tomorrow to continue hammering out a deficit reduction deal.
Check back for updates on Obama’s remarks.
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