President Barack Obama said on Tuesday that if House and Senate leaders could not reach a deal on the 2011 fiscal budget, he wants to meet with them again Wednesday until the matter is settled.

If they can't sort it out, then I want them back here tomorrow, Obama told reporters after a morning meeting in which the parties failed to reach a consensus..

House Speaker John Boehner and Senate Majority Leader Harry Reid said were set to meet Thursday afternoon to attempt to reach an agreement on a continuing resolution.

Several individuals, Republican and Democratic confirmed to Politico that House Speaker John Boehner had raised the package of cuts he was seeking to $40 billion at a morning meeting at the White House with President Barack Obama.

The figure would amount to $80 billion in reductions from Obama's fiscal 2011 request. Top Democrats had previously said negotiators were working for a $33 billion target.

[I]t would be inexcusable for us to not be able to take care of last year's business, Obama said. The President made his request for a fiscal 2011 budget last year.