President Obama and leaders of the House and Senate are meeting at the White House in a last-ditch effort to come up with an agreement that will avert $85 billion in automatic spending cuts, known as sequestration.

If no agreement is reached, Obama is required by law to sign an order today, putting the cuts in motion.

The sides

remain deadlocked over taxes, with House Republicans refusing to go along with Democrats' plans to raise more revenue.

Stay tuned to Fox News Channel for the latest developments following the last-minute talks!