President Obama said that over the holiday weekend lawmakers had made progress, with "greater progress ... within sight" on striking a deal on the budget and raising the debt limit.
The president made an appearance at the beginning of the White House press briefing today, saying he had called for a White House meeting with Congressional leaders on Thursday.
"I expect everyone will leave their ultimatums and rhetoric at the door and do what's best for the country," he said.
President Obama echoed what he said during his press conference last week,saying he wants a "balanced approach" to dealing with the country's debt and deficit that includes cuts in domestic, defense and entitlement programs as well as "spending in the tax code."
The president said he wants a long-term deal, not a stop-gap measure that would raise the debt ceiling and leave the big budget negotiations for later.
"We have a unique opportunity to do something big," he said.