Obama to meet with both Senate caucuses on how to cut deficit

President Obama will meet separately with Senate Democrats and Republicans this week to discuss how to craft a deal on a deficit-reduction plan, the White House said Monday. 

Obama will meet with Democratic senators on Wednesday and with Republicans on Thursday, White House press secretary Jay Carney said at his daily press briefing. Obama will hold meetings with House members from both parties in the coming weeks, Carney added. 

The meetings come as lawmakers are weighing an array of fiscal proposals that would rein in spending and reduce the budget deficit and debt.

With the U.S. approaching its $14.3 trillion debt limit in the coming months, Republicans and some Democrats have said they will only consider raising the limit if it is paired with spending reforms.

The two sides differ not only over where to cut, but over how to handle entitlements and whether any taxes should be raised. 

Vice President Joe Biden is meeting with lawmakers from both parties on the budget; his group is scheduled to meet again on Tuesday. 

The White House has also pressured the bipartisan Gang of Six to release their long awaited deficit-reduction plan. That group of six senators is working to craft legislation from the recommendations of Obama's fiscal commission.

Michael Steel, a spokesman for Speaker John Boehner (R-Ohio) welcomed the meeting.

“We always welcome an opportunity to talk to the president about our solutions to address rising gas prices, cut spending, and help create a better environment for job creation," he said. 

-- Erik Wasson contributed reporting

This post was updated at 2:07 p.m.

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