8:12am

Fri July 29, 2011
The Two-Way

Coming Up: Obama On Debt Ceiling Status

Here we are: four days away from when the U.S. Treasury says the country will not be able to pay its bills unless Congress raises the debt ceiling. As we reported, yesterday Speaker John Boehner (R-OH) spent his day arm twisting and negotiating one-on-one with his own caucus and ended up calling it a night without a vote on his budget plan.

Now, President Obama is stepping into the spotlight. He's expected to address the issue at 10:20 a.m. ET. We'll live blog here.

Update at 10:24 a.m. ET: So where do we stand?

-- Boehner is reworking his plan today to try and shore up enough votes to get it passed in the House. NPR's Ari Shapiro reported this morning that one of the problems freshmen members of the House backed by the Tea Party had with Boehner's bill is that it included $17 billion in Pell grants, which help students pay for college tuition.

-- Senator Harry Reid (R-NV) and the White House have said they don't support Boehner's plan because it increases the debt ceiling in a two-step process. In other words, the debt ceiling debate would happen all over again in six months.

-- President Obama, who pulled out all the stops last week with press conferences and town halls, will take the spotlight again with his first public comments since a prime-time speech on Monday. He's scheduled to address the status of the discussions at 10:20 am ET. We'll live blog his remarks here.

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