What we're watching: Monday, July 11, 2011 – Deficit-dealing...punishing Pakistan...Palin politicking...hacking howling...Tiger talking?

OBAMA NEWS CONFERENCE – A day after a 75-minute session, talks will resume Monday to try to reach a deficit-reduction deal and pave the way for a hike in the nation's $14.3 trillion debt ceiling. At 11 a.m. on Monday, President Barack Obama will hold a press conference in the White House briefing room, according to his official schedule.

House Speaker John Boehner said this weekend he can't sign on to a $4 trillion debt-reduction package because the White House continues to insist the package include some tax increases. Even though the White House said it will continue to push for the biggest deal possible, a meeting Sunday evening between President Obama and congressional leaders lasted 75 minutes without any signs of progress toward a so-called "grand bargain."

U.S. WITHHOLDS PAKISTAN AID – The United States is holding back $800 million in aid to Pakistan, President Obama's chief of staff said Sunday. Appearing on ABC's "This Week," White House Chief of Staff William Daley confirmed a report in the New York Times that the aid was being withheld.

While Pakistan has "been an important ally in the fight on terrorism," Daley said, "now they've taken some steps that have given us reason to pause on some of the aid which we're giving to the military, and we're trying to work through that."

A spokesman for the Pakistani military told CNN the military was not informed of any such plan. Senior U.S. officials, who declined to speak on the record because of the sensitivity of the situation, said the curtailing of aid, which represents a third of U.S. security assistance to Pakistan, was done both to pressure Pakistan to crack down on militants and as retribution for expelling U.S. military trainers.  

PALIN SAYS OBAMA IS BEATABLE – Sarah Palin hasn’t jumped into the race for the White House (yet), but she believes the prize is there for the taking. In a Newsweek conversation with Peter J. Boyer, Palin warns Boehner not to raise the debt ceiling, proclaims that Obama is beatable—and says the 2012 field is far from settled.

PHONE-HACKING SCANDAL, PART 2 – The family of a murdered British girl whose phone was hacked by people working for the News of the World will meet Britain's deputy prime minister Monday, keeping the scandal in the public eye despite the abrupt closure of the best-selling tabloid on Sunday.

Milly Dowler's family will meet other leading politicians later this week, their lawyer Mark Lewis told CNN Sunday, following accusations that her voice mail was illegally intercepted between her murder in 2002 and the discovery of her body.

TIGER TO TALK, OR NOT - UPDATE 10:05 AM – A source from Golf Channel tells CNN: "I can tell you it isn't a Tiger interview, but rather an interview with someone from Tiger's camp about Tiger. Its not a live presser. A press release should be coming out at 11am ET with more details.”

Tiger Woods has scheduled an announcement on Golf Channel for Monday morning at 11 a.m. Eastern. He will be on the air with Kelly Tilghman, an anchor for the network, Golf.com reports. The topic was not disclosed. Woods has had a disappointing season, re-injuring his left knee at the Masters, withdrawing from the Players Championship after shooting 42 on nine holes, and skipping last month's U.S. Open and this week's British Open.