Top House and Senate leaders arrived at the White House on Saturday in a meeting called by President Barack Obama with the aim of advancing a negotiation to avert a federal default.

Lawmakers have until Aug. 2 to raise the federal debt limit, which would allow the federal government to borrow beyond the current $14.2 trillion level.

Obama urged in his weekly radio and Internet address that Republicans accept new revenues, a raise in taxes, to counter cutbacks in federal spending.

Boehner said on Friday that he felt confident that leaders from both parties in Congress could reach an agreement that will allow the country to avoid default.