Obama to Address Nation on Budget Impasse

After shooting down House Speaker John Boehner’s two-stage debt plan, Senate Majority Leader Harry Reid unveiled his own plan—which the White House quickly endorsed. Reid’s proposal would save $2.7 trillion without changing taxes or touching Social Security or Medicare. The package includes $1.2 trillion in discretionary spending cuts and $1 trillion in savings from withdrawing from Iraq and Afghanistan. Sen. Chuck Schumer, at the same press conference, said the plan is “an offer Republicans can’t refuse.” Boehner’s proposal, meanwhile, would raise the debt ceiling in two separate stages, cutting spending by similar amounts each time. President Obama has announced he will adress the nation tonight at 9 p.m. EDT.