Tomorrow will be a big news day:

“Obama won’t “back off” on debt-reduction effort

WASHINGTON | Sat Jul 9, 2011 9:40pm EDT

WASHINGTON (Reuters) - President Barack Obama will not back off in his efforts to solve U.S. debt problems and will make the case to congressional leaders in talks on Sunday for taking on “this critical challenge,” the White House said on Saturday.

“We need a balanced approach that asks the very wealthiest and special interests to pay their fair share,” White House Communications Director Dan Pfeiffer said in statement after House of Representatives Speaker John Boehner abandoned efforts to reach a $4 trillion deficit reduction deal and proposed pursuing a more modest package.”

(Reporting by Matt Spetalnick)