Without a debt limit increase by Aug. 2, Treasury Secretary Timothy Geithner has warned, the government could default, risking calamity for the U.S. economy and serious effects worldwide.
Republicans walked out of bipartisan talks last week but nevertheless said negotiations had been fruitful. In the days since, Obama has stepped up his personal involvement in the effort.
After meeting separately with the Senate's Republican and Democratic leaders on Monday, he invited the Democratic leadership to a White House meeting on Wednesday.
In the earlier talks, led by Vice President Joe Biden, key lawmakers had outlined a series of proposals to cut several hundred billion dollars over the next decade.
Other proposed cuts were on the table, including nearly $1 trillion from the assumed end of the wars in Iraq and Afghanistan. Officials familiar with the negotiations say Republicans are reluctant to count that money toward any agreement, saying they want more tangible cuts in domestic programs before agreeing to vote for an increased debt limit.