WASHINGTON (AP) - President Barack Obama will speak at the White House late Tuesday afternoon on the status of the negotiations to cut government spending and raise the nation's borrowing limit.

Obama and Vice President Joe Biden have held a series of meetings with congressional lawmakers. Both parties say progress is being made, but an agreement has not been reached.

Senate Minority Leader Mitch McConnell has invited Obama to come to Capitol Hill to meet again with Republicans, but the White House has yet to accept that offer.

One of the sticking points between the two parties is taxes. Democrats want to raise taxes or end tax loopholes for wealthy Americans or oil and gas companies. But many Republicans have repeatedly said they would not accept any deal that includes tax increases.

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