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.

President Barack Obama C sit with House Speaker John Boehner R-OH L and Senate Majority Leader Harry Reid
U.S. President Barack Obama (C) sit with House Speaker John Boehner (R-OH) (L) and Senate Majority Leader Harry Reid (D-NV) during a meeting about the debt limit at the White House in Washington July 23, 2011. REUTERS
U.S. President Barack Obama C sit with House Speaker John Boehner R-OH L and Senate Majority Leader Harry Reid
U.S. President Barack Obama (C) sits with House Speaker John Boehner (R-OH) (L) and Senate Majority Leader Harry Reid (D-NV) during a meeting about the debt limit at the White House in Washington July 23, 2011. REUTERS
U.S. President Barack Obama
U.S. President Barack Obama attends a meeting with Congressional Leadership about the debt limit at the White House in Washington July 23, 2011. REUTERS
U.S. President Barack Obama R and House Speaker John Boehner R-OH
U.S. President Barack Obama (R) and House Speaker John Boehner (R-OH) sit during a meeting about the debt limit at the White House in Washington July 23, 2011. Obama and top congressional lawmakers on Saturday attempted to salvage a deal to avoid a catastrophic debt default after a collapse in deficit talks left both sides angry and frustrated. REUTERS
U.S. President Barack Obama R and House Speaker John Boehner R-OH
U.S. President Barack Obama (R) and House Speaker John Boehner (R-OH) sit during a meeting about the debt limit at the White House in Washington July 23, 2011. REUTERS
U.S. President Barack Obama R and House Speaker John Boehner R-OH
U.S. President Barack Obama (R) and House Speaker John Boehner (R-OH) sit during a meeting about the debt limit at the White House in Washington July 23, 2011. REUTERS
White house Barack obama Congress White house