Update to this story.

Via NBC News:

President Barack Obama will meet with leaders in Congress on Monday afternoon as the the contours of an deal to avert a default on the national debt and reopen the federal government started to emerge.

A White House official said that Obama and Vice President Joe Biden would host Senate Majority Leader Harry Reid, Minority Leader Mitch McConnell, House Speaker John Boehner and Minority Leader Nancy Pelosi at the White House at 3 p.m. this afternoon.

“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.”