From Fox News:

In a direct challenge to North Korean leaders, President Barack Obama implored them “to have the courage to pursue peace” while warning of  the wrath of the world if they don’t. Failure, he said Monday, would mean a future without dignity, respect or hope for its people.

Obama stood by his pledge for a globe without  nuclear weapons, declaring flatly that the United  States has more than it needs and can cut its arsenal without weakening its  security or that of its allies. That assessment put him on a collision course  with congressional Republicans who say any significant cuts would undermine the  U.S. ability to deter aggression.

And North Korea’s response via CNN:

Just hours after the United States warned that North Korea would achieve nothing with threats or provocations, Pyongyang moved a long-range rocket it plans to test fire to a launch pad Monday, a South Korean defense ministry official said.

If the rocket is launched, South Korea is prepared to “track its trajectory,” said the official, who did not want to be named.

“There are concerns that parts of the rocket may fall within South Korean territory,” he said. “If that were to happen it would threaten lives and cause damage to the economy. To guard against that, they (the military) will be tracking the orbit.”

Who’s saying what on Twitter:!/W7VOA/status/183876861166751744!/georgies_story/status/184182964031209472!/amanda/status/184183180394373120!/KOmikata/status/184181211797790721

The rocket is purportedly aimed at Australia. Australia’s PM is playing it cool:

Prime Minister Julia Gillard has played down the security threat posed by a North Korean missile launch, while criticising the country for breaching United Nations resolutions.

On Saturday, Fairfax reported a warning from the United States that North Korea’s forthcoming missile launch would be aimed over south-east Asia and Australia for the first time.

The North Korean announcement of a mid-April April 15 satellite launch has stolen the show from the summit hosts in the South and triggered strong reactions in Japan and the Phillippines.

It has ended a moment of optimism that followed a deal last month between Washington and Pyongyang that will see International Atomic Energy Agency inspectors into the North as well as food aid.

Today, Ms Gillard said the missile was in breach of UN Security Council resolutions and an agreement struck with the United States late last month.

‘‘North Korea needs to take a step back from this proposed launch,’’ Ms Gillard told reporters in Seoul.