President Obama holds a 10:30 a.m. ET meeting with Congressional leaders at the White House. The bicameral get together is closed press, but the participants are expected to talk about ways the executive and legislative branches can work together to address the nation's budget problems. We expect members to address the media after the discussion ends.

The heads of President Obama's Deficit Reduction Committee, former Sen. Alan Simpson, R-Wyo., and Erskine Bowles, former Chief of Staff for President Clinton, hold a press conference to discuss the panel's ongoing negotiations at 3:30 p.m. ET. So far Democrats and Republicans have agreed upon the existence of a deficit problem, but differ greatly on possible solutions.

Senate Democrats and Republicans hold their weekly policy luncheons. Party leaders will outline their side's agenda for the rest of the week at approximately 2:30 p.m. ET following their closed press huddle.

In floor action, the Senate looks to hold a final vote on a food safety bill. The measure would increase the regulatory powers of the Food and Drug Administration and require farmers and food processors to take additional steps to prevent possible contamination. The House passed a version of the legislation more than a year ago and has indicated that it would also pass the Senate version.

Incoming members of the House Republican leadership speak with the press at 10:00 a.m. ET.

We'll be following all these stories and more, so stay with Fox News for all the latest.