House Speaker John Boehner met Mr Obama at the White House on Tuesday Congressional leaders and President Obama failed to reach a budget agreement in talks at the White House, House Speaker John Boehner says.
Mr Boehner was called to the White House for talks on a deal aimed at avoiding a government shutdown.
Talks have stalled over legislation that would mix spending cuts with the funds required to run US federal agencies to the end of September.
Democrats have accused Republicans of linking social policies to the bill.
Mr Boehner and Mr Obama were attempting to resolve a plan that has the potential to cut $33bn (£20bn) from this year’s spending levels and ensure the government does not shut down when a temporary funding measure expires at midnight on Friday.
Following the meeting, Mr Boehner warned that Republicans would not be forced into accepting options they did not wish to endorse.
Mr Boehner said he told President Obama that House Republicans were preparing a week-long stop-gap bill aimed at preventing a shutdown, which includes $12bn (£7.3bn) in immediate spending cuts and enough funds to keep the Pentagon running to the end of September.
Separately, Republicans in the House unveiled longer-term plans to slash the budget deficit by more than $5tn (£3tn) over the next 10 years – combining spending cuts with a restructuring of taxpayer-financed health care for the elderly and the poor.
Mr Boehner said he disputed White House assertions that Democrats and Republicans had agreed to set cuts in spending at $33bn. Republicans want $61bn in cuts.
Republicans on Monday unveiled plans on instructing lawmakers on how the Republican-controlled House would operate if Democrats in the Senate shut down the government.
The White House also advised government agencies on Monday to prepare for a shutdown.
The BBC’s Katie Connolly, in Washington, says that although there hasn’t been a US government shutdown since 1995, the US government shut down 10 times during the Carter and Reagan administrations.
Shutdowns happen because a law passed in 1870 prohibits the government from operating if a budget hasn’t been passed, except in the case of emergencies.
But that law has been interpreted to exempt so-called essential services, including national security, air traffic control, inpatient medical services, emergency outpatient medicine, disaster assistance, prisons, borrowing and taxation, and electricity production, our correspondent adds.
‘Driving federal debt’
Earlier, House Budget Committee Chairman Paul Ryan, a Republican from Wisconsin, released a longer-term plan to slash the budget deficit by about $5 trillion over the coming decade.
In a Wall Street Journal article published on Tuesday, Mr Ryan said Republicans would propose cutting $6.2tn in spending from Mr Obama’s budget over the next 10 years.
Mr Ryan has said Republicans are not “looking for a government shutdown” but are quite serious about demanding cuts in spending to curb federal deficits.
He has also said that lawmakers must find a way to come to deal with a lack of funds going into Medicaid and Medicare, two government programmes he has said are driving the federal debt.
Mr Ryan’s plan includes a proposal to convert Medicare programme into a system by which private insurers would operate plans approved by the federal government.
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