It is completely unknown why the President will be speaking. Some possibilities, which are entirely of speculation: Libya/Gaddafi's death, terror plot, bin Laden killed, and/or resignation (exceedingly unlikely).
Whatever the reason, watch the live video below:
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AP adds on the situation:
WASHINGTON (AP) -- The White House says President Barack Obama is making a late-night statement but is not announcing the topic that he will discuss.UPDATE!- CNN is now reporting that it has nothing to do with Libya.
Officials say the statement could come as early as 10:30 p.m. EDT.
It is highly unusual that the president would make a late-night statement with not even a hint about what he would discuss.
UPDATE!!!- Osama bin Laden DEAD!