This Friday, the current federal budget will expire and the government will shut down if House and Senate negotiators can't reach an agreement.
President Obama summoned leaders to the White House Tuesday, including House Speaker John Boehner, but couldn't broker a deal.
Negotiators are trying to hammer out a spending plan for the rest of the fiscal year which ends in September.
Republicans want deep spending cuts, including the defunding of Planned Parenthood. Democrats accuse the GOP of advancing a social agenda through the budget.
"If they can sort it out, then we've got more than enough to do," Obama said. "If they can't sort it out, then I want them back here tomorrow.
If no agreement can be reached, Speaker Boehner proposes passing a resolution that keeps the government running for another week, keeps the Pentagon running through the rest of the fiscal year, and cuts $12 billion out of the budget immediately.
The president warned a shutdown would "jeopardize our economic recovery."
"We're serious about trying to prevent a government shutdown," Rep. Hal Rogers, R-Ky., said. "We're also serious about cutting spending, and those are the two driving parameters of what we want to talk about."
Meanwhile, Wisconsin Rep. Paul Ryan, chairman of the House Budget Committee, unveiled the GOP's long-term budget plan Tuesday. The measure would cut $6.2 trillion over the next decade, bringing spending back to 2008 levels.