Daily Meetings Until Debt Deal is Reached

President Barack Obama and Congressional leaders will meet again this afternoon at the White House, trying to hammer out a deal on raising the debt ceiling and cutting the deficit.

In a news conference, the President called on both sides to compromise, saying Democrats will have to budge a little on entitlement programs and Republicans will have to give a little on bringing in revenues (that's code for taxes).

"It is possible for us to construct a package that would be balanced, would share sacrifice, would involve both parties taking on their sacred cows, would involve some meaningful changes to medicare, social security and medicaid, that would preserve the integrity of the programs and keep our sacred trust with our seniors, but make sure those programs were there for not just this generation, but for the next generation," President Obama said.

Obama said he will meet with lawmakers daily until there is a deal made. He said he would not sign any temporary stop-gap measures for 30 to 180 days.

"Now is the time," he said.