Fox News has confirmed that President Obama will meet with the top four Congressional leaders on Friday, March 1 on the nation's budget crisis. Those lawmakers set to be in attendance are John Boehner, Mitch McConnell, Harry Reid and Nancy Pelosi.

The crisis has become what many are calling a blame-game, with the president saying, in part, that the GOP refuses to compromise on defense cuts, and House Speaker John Boehner asserting that the White House is "playing games" with the pending cuts.

Senator Mitch McConnell (R-KY) issued the following statement upon news of Friday's meeting:

"The meeting Friday is an opportunity for us to visit with the President about how we can all keep our commitment to reduce Washington spending. With a $16.6 trillion national debt, and a promise to the American people to address it, one thing is perfectly clear: we will cut Washington spending. We can either secure those reductions more intelligently, or we can do it the President's way with across-the board cuts. But one thing Americans simply will not accept is another tax increase to replace spending reductions we already agreed to."