I was just watching CNBC World to try to get an indication of how it looked like the Asian markets would react to the apparent continuing stalemate on the debt limit negotiations, and they had a bulletin saying that the President was going to be making a statement at 6 pm EDT. As of yet, there is no word about whether the statement will be to announce some kind of an agreement, or the continuing inability to reach an agreement.
I realize this isn't much of a diary, but will update it when there is more news. I just wanted to give us the alert to be watching TV in an hour.
UPDATE: It appears that the bulletin on CNBC World was incorrect, and that there will NOT be an announcement from the President at 6 pm. Instead, he will be meeting Nancy Pelosi and Harry Reid at that hour. There's no confirmation, but I would fully expect some kind of a statement after their meeting.
Although they're somewhat vague, other reports appear to indicate that negotiations between the Republican and Democratic Congressional leadership have broken down, and the House Republicans are going to proceed with their own proposal along the lines of "Cut, Crap, and Balance," which the Senate has already rejected. Fasten your seatbelts for what I'm very much afraid is going to be a very fast and frightening rollercoaster ride for the next couple of weeks.
I apologize for actually believing the item on CNBC World and repeating it here.