President Obama will host Democratic and Republican congressional leaders at the White House on Monday, as both sides try to break an impasse less than three days away from the deadline to raise the nation's debt limit.

Obama will meet with Speaker John Boehner, R-Ohio; House Minority Leader Nancy Pelosi, D-Calif.; Senate Majority Leader Harry Reid, D-Nev.; and Senate Minority Leader Mitch McConnell, R-Ky., at the White House at 3 p.m., according to a White House official.

“With only a few days until the government runs out of borrowing authority, the president will make clear the need for Congress to act to pay our bills, and reopen the government,” the official said. "The president will also reiterate our principles to the leaders: we will not pay a ransom for Congress reopening the government and raising the debt limit.”

Obama will be joined by Vice President Joe Biden. Biden played a key role in talks to avert January's “fiscal cliff,” but has taken a backseat thus far in the current budget negotiations. Senate Democratic leaders urged Obama to sideline the vice president over fears he conceded too much to Republicans in fiscal-cliff talks.

The latest White House meeting comes as Republicans and Democrats have been unable to unite behind a deal to end a government shutdown now in its 14th day and raise the debt ceiling before Thursday’s deadline.

Negotiations between Obama and House Republicans broke down entirely this weekend. McConnell and Reid have since spearheaded the fiscal talks but have yet to produce a breakthrough.

The latest barrier to a compromise has been the across-the-board budget cuts that went into effect earlier this year. Democrats would like to lessen the impact of sequestration next year, while GOP leaders insist on major concessions to scale back the spending reductions.

This story was published at 12:09 p.m. and has been updated.