Obama to Meet with Congressional Leaders over Debt Limit

US President Barack Obama to meet congressional leaders from both parties as the deadline to raise the nation's debt limit nears.

The meeting is to take place at the White House Monday at 3 pm ET.

Obama will make clear the need for Congress to act to pay nation’s bills and reopen the government, a White House statement said.

Vice President Joe Biden, Senate Democratic Majority Leader Harry Reid, Senate Republican Leader Mitch McConnell, Republican House Speaker John Boehner and House Democratic Minority Leader Nancy Pelosi are expected to attend.

The meeting comes on the 14th consecutive day of the government shutdown and just days before the US expected to reach its borrowing limit. Failure to raise the debt limit would likely make waves in US and world economies.

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