President Obama and Vice President Biden will meet separately with Majority Leader Harry Reid and Minority Leader Mitch McConnell, respectively, on Monday to begin to resolve negotiations on the debt ceiling measure, CNN relayed from a White House statement. The statement explains that they will "discuss the status of the negotiations to find common ground on a balanced approach to deficit reduction."

McConnell, as quoted by USA Today, said he hopes that Obama will "finally explain what it is that he's prepared to do to solve our nation's fiscal crisis....He's requested an increase in the debt ceiling, but hasn't yet explained to the American people what, other than tax hikes, he's prepared to do about the massive deficits we've seen during his administration."