The latest proposal would raise the debt ceiling through Nov. 22 and fund the government until Dec. 15, Politico reports. This would then prompt budget talks in aims of reaching a broader deal on spending and debt.
Republican leaders in the House met with Obama Thursday evening, but did not reach a concrete deal during those talks.
Obama and Vice President Joe Biden will meet with Senate Republicans Friday morning. Senate Minority Leader Mitch McConnell (R-KY) has given the go-ahead to Republican senators who want to work toward a deal, according to the Huffington Post.