Obama to make statement on debt talks Tuesday

By the Associated Press | July 19, 2011 | 1:30 PM EDT

WASHINGTON (AP) — President Barack Obama will speak from the White House Tuesday afternoon about the status of negotiations to raise the nation's debt ceiling.

His remarks come as House Republicans move toward a vote on legislation that would raise the nation's debt limit in exchange for trillions of dollars in federal spending cuts and congressional approval of a constitutional amendment requiring a balanced budget. Democratic opposition means it has no chance of clearing the Senate, and even if it did, Obama has vowed a veto.

The Treasury Department says lawmakers must raise the debt ceiling by Aug. 2 or risk the U.S. defaulting on its financial obligations. Obama and lawmakers from both parties have promised to avoid a default.