Updated: 5:59 p.m. ET
President Obama will address the nation on Monday at 9 p.m. over the ongoing stalemate over raising the debt ceiling, according to the White House.
House Speaker John Boehner will deliver a response to Mr. Obama's remarks following the president's 9 p.m. speech.
Democrats and Republicans remain far apart on the issue, as both parties on Monday unveiled separate -- and significantly different -- proposals for preventing the government from defaulting on its loans.
The White House on Monday endorsed the plan put forward by Senate Majority Leader Harry Reid, D-Nev., which would cut spending by $2.7 trillion.
"Senator Reid's plan is a reasonable approach that should receive the support of both parties, and we hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history," said White House spokesman Jay Carney in a statement. "The ball is in their court."
House Speaker John Boehner, however, pushed for a proposal that would necessitate two separate votes on short-term increases to the debt limit - a plan that Democrats have repeatedly rejected and which Mr. Obama has vowed to veto.
This will be the president's seventh address to the nation since taking office.