Obama To Address Ongoing Debt Negotiations

By: NY1 News

President Barack Obama is scheduled to speak publicly today about negotiations over the country’s debt ceiling, as there seems to be a thaw between Senate leaders as they work on a solution.

Obama's Press Conference

President Barack Obama will address reporters at about 11 o'clock, and NY1 will air his remarks LIVE.

A fallback plan being considered would give Obama the authority to raise the debt ceiling, while procedures would be established to implement spending cuts.

The president has also asked congressional leaders to gauge members on which of three deficit reduction options could win approval in the House of Representatives and Senate.

Meanwhile, a second credit rating agency put the United States on notice.

Standard & Poor's says there is a 50 percent chance it will downgrade the U.S. government's credit rating within three months because of the congressional impasse over the debt ceiling.

That comes a day after Moody's said it would review the government's AAA bond rating.

Leaders from both parties met with the president again yesterday and more meetings are set for today as the August 2 deadline approaches.

The United States risks defaulting on its loans.

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