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Obama to Democrats: 'Failure is not an option'

Rep. Steny Hoyer, the House Democratic Whip, says he's confident Republicans and Democrats will ultimately reach an agreement to raise the debt limit.

Speaking to reporters following the Democrats' meeting at the White House, Hoyer said, "The markets ought to know we're going to get it done. I've told Speaker Boehner and leader [Eric] Cantor that I will work with them the leader will work with them in making sure that we get this done."

Rep. Chris Van Hollen, another Maryland Democrat, acknowledged, however, that tough negotiations remain. "We have made progress on some important issues," Van Hollen told reporters. "Have we engaged on some huge, what I would refer to as politically nuclear issues? No. But the reality is you have to begin to walk with the first step."

According to Rep. Xavier Beccera (D-CA), the president told the Democrats that "failure is not an option," and he vowed that the middle class and seniors won't get "stiff-armed" in the budget negotiations.

House Democratic leader Nancy Pelosi said, "We cannot default. We all agree on that." But she added that Democrats believe it's important to continue investments to help the economy recover and create jobs.

The meeting today follows yesterday's session between the president and House Republicans. The next bipartisan negotiation session headed by Vice President Biden is scheduled for next Thursday