Obama Will Hit Road to Sell Financial Reforms

Updated 10:10 a.m. ET

President Barack Obama is preparing to travel outside Washington in the coming weeks to sell his proposal for financial regulatory reform to the country.

White House spokeswoman Amy Brundage announced the trip Sunday as Mr. Obama steps up his lobbying efforts in support of new rules for Wall Street. A showdown with Republicans on legislation in the Senate is expected later this month.

The White House on Monday announced that the speech will take place this coming Thurday at New York's Cooper Union.

Mr. Obama has been casting the issue as a choice for lawmakers between siding with American people and what he calls special interests. Getting the public on his side could help pressure Republicans who are lining up against the bill. They say it creates more problems than it solves.

Democrats had planned to bring financial reform legislation to the Senate floor this week, but in a setback to the Obama administration, Republicans say they have the votes to stop the current bill and a vote may now be delayed, CBS News White House correspondent Chip Reid reports.

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Details on the timing and location of Mr. Obama's trip are not available.