President Obama will speak tomorrow about the nation's debt. (courtesy Creative Commons)

White House spokesman Jay Carney said that Obama will share his approach to reducing the debt, but did not share specifics about the speech or whether Obama will give exact numbers for his debt reduction plan.

"The details I'll save for him," Carney told USA Today.

The general outline is exactly what many, including Senate Majority Leader Harry Reid, say are important.

"I don't know how specific we need him to be. I think we need an outline as to what he thinks needs to be done to get us back to a point where we are retiring the debt during the Clinton years," Reid said to Voice of America.

Despite numerous questions by members of the press, Carney refused to give away any information and instead recommended that people watch Obama’s speech.

Members of the House and Senate leadership will be briefed on the speech by Obama at 10:40 tomorrow morning, but at this time details of his speech are unknown.

Since Republican victories in November’s congressional elections altered the balance of power in Congress, there has been large-scale disagreement over taxes and government spending.

Last December’s agreement to extend tax cuts from the Bush-era mark a major compromise. The budget deal last week that successfully averted a government shut down was another hard fought compromise.

Obama has warned that more tough negotiations lie ahead in tackling the national debt. When he presented his $3.7 trillion budget for the 2012 fiscal year though he avoided outlining specifics of the plan that would reduce the budget by $1.1 trillion over 10 years.

Obama also did not fully embrace findings of $4 trillion in spending cuts recommended by his bipartisan fiscal commission, according to Voice of America.

At his speech at George Washington University tomorrow, however, the President will lay out his vision for debt reduction. This speech will act as a prelude to the larger fiscal debate over raising the debt ceiling and funding the government.

The speech will presumably talk about:

• a plan to alievate debt

• cost savings in Medicare and Medicaid

• strengthening Social Security

Some speculate that Obama’s speech will discuss cost savings in benefit programs like Medicare and Medicaid. Obama will also likely reiterate his stance that social security is not a major contributor to the debt despite its size; rather steps should be sued to strengthen it, says Voice of America.

Senator Mitch McConnell (R-KY) said that in Obama’s speech he hopes to hear specifics on how he will reduce the debt.

“Until he is directly involved and until he indicates he’s willing to sign something, it’s all just talk,” McConnell said. “Well, the time for talking is over, the time for doing is now and that will be precipitated by the request of the president of us that we raise the debt ceiling.”

McConnell said that for him to agree to raise the debt ceiling Obama would have to do something Americans would view as significant. He also said that raising taxes is not the correct approach.

“We all know we have this problem not because we tax too little, but because we spend too much,” McConnell told Politico. “There’s no way to tax our way out of this problem. In my point of view taxes are not on the table because we don’t have a revenue problem. We have a spending problem.”

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