Obama to deliver remarks on debt Monday night

13:44, July 26, 2011      

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U.S. President Barack Obama will address the Americans at 9 p.m. EDT on Monday about the state of efforts to raise the government's debt ceiling, said the White House in a statement.

"The president will address the nation from the White House on the stalemate in Washington over avoiding default and the best approach to cutting deficits," it said.

The world's largest economy is face an unprecedented default on Aug. 2 if the country could not raise its 14.29 trillion dollars borrowing limit which was hit on May 16.

With only a week before the deadline, the two parties in Washington remain split on their approaches to solve the problem which may cause global repercussions.

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