President Barack Obama is set to meet with the Democratic and Republican leaders of the U.S. Senate, after negotiations stalled between the two sides on the U.S. national debt and raising the federal government's borrowing limit.

Mr. Obama will meet separately at the White House Monday with Minority Leader Mitch McConnell, the top Senate Republican, and Majority Leader Harry Reid, the top Senate Democrat.

The United States risks defaulting on its $14 trillion national debt if Congress fails to raise the federal debt ceiling in the coming weeks. Republican lawmakers last week walked out of talks on raising the U.S. debt limit, saying the negotiations had reached an impasse due to White House demands for tax increases.

The Republicans, who control the House of Representatives, are demanding deep spending cuts with no tax increases.

McConnell said on ABC television's “This Week” program Sunday that he will present that position to Mr. Obama during the White House meeting.

Reid said that Republicans should stop “playing chicken” by risking a default on the U.S. debt.

Democrats say some tax increases on wealthy Americans and big companies are necessary to cut the federal deficit.