President Barack Obama's live television address on the US debt issue
Democrats and Republicans have unveiled competing plans to avoid a default, as the president and the House speaker prepared to address the nation.
Despite weeks of negotiations, the two parties remain at odds over the size of spending cuts and tax increases.
Amid the impasse, President Barack Obama and House Speaker John Boehner were appearing on TV on Monday night.
The US risks default on its $14.3tn (£8.7tn) debt without a deal to raise the borrowing limit by 2 August.
At the White House, Mr Obama began a live television address on the debt issue at 21:00 local time (01:00 GMT).
"President Obama, like Democratic and Republican Presidents before him, will make clear that failure to compromise and raise the debt ceiling would, in the words of former President Reagan, do 'incalculable damage'," a White House official said.
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