President Obama thanked House and Senate leadership for their work to quickly pass an economic stimulus package following a meeting with leaders in both parties this morning.

"I want to thank both the House and the Senate for moving forward very diligently," Obama said during brief statements to reporters following the meeting. "I recognize that there are still some differences around the table, and between the administration and members of Congress."

Republican leaders in the House and the Senate have previously expressed their skepticism toward the $825 billion package that was floated last week by House Democrats and supported by the new administration. Obama gathered with the congressional leaders to hammer out a path to move forward on the package.

Obama said that the package would be at least one prong of a three-part economic package. The president also said that "the news has not been good" in his daily economic briefing from National Economic Council Chairman Larry Summers.

"We are experiencing an unprecedented economic crisis that has to be dealt with, and dealt with rapidly," Obama added.