U.S. President Barack Obama will meet two Democratic leaders in Congress on Sunday evening on the negotiations on raising the country's debt ceiling, the White House said.

Obama set a 6 p.m. EDT (2200 GMT) meeting with Senate Majority Leader Harry Reid and the leader of the Democratic minority in the House of Representatives Nancy Pelosi.

With the clock ticking down to Aug. 2, the deadline set by the U.S. Treasury Department that the country would default on its financial obligations, the two parties in Washington are still in the process of bargaining.

The U.S. borrowing limit, currently at 14.29 trillion dollars, was reached on May 16 this year. The Treasury Department said the country would default without an agreement to lift the debt limit by Aug. 2.

U.S. Treasury Secretary Timothy Geithner said Sunday the United States will not default while urging Congress to reach an agreement now.

The secretary also said the legislative process needs to get started by Monday night.