President Obama said that House Speaker John Boehner has called off negotiations with him on raising the debt ceiling.
The president said it was "hard to understand" why Boehner would walk away.
Boehner confirmed on an interview Fox News, earlier, that "there is no plan" to avoid defaulting. According to the AP, Boehner said he would now start negotiations with the Senate.
In a last minute press conference, the president said "time has run out." He said he has called Boehner, Minority Leader Nancy Pelosi, Majority Leader Sen. Harry Reid and Minority Leader Sen. Mitch McConnell to the White House for a meeting at 11 a.m. Saturday.