The top Democrat and Republican in both the House and Senate will attend. It's the first face-to-face meeting between Obama and Republican leaders this year.
Senate Republican Leader Mitch McConnell says it's a chance to address ways to reduce government spending. He says Americans won't accept more taxes as part of a deal to avert the cuts.
The across-the-board cuts are set to kick in on Friday, so the meeting will come after Congress has officially missed the deadline for averting the cuts.