Obama remains skeptical ahead of Wednesday's meeting with GOP lawmakers. (Creative Commons)

"It may be that, ideologically, if their position is, ‘We can’t do any revenue,’ or, ‘We can only do revenue if we gut Medicare or gut Social Security or gut Medicaid,’ if that’s the position, then we’re probably not going to be able to get a deal,” the president told ABC News.

Obama said the standoff won't create a crisis, but rather a missed opportunity to secure a deal by early summer.

He will sit down with House Republicans Wednesday to discuss the budget and debt reduction. Many within the GOP party say they are skeptical of the president's "charm offensive" but are willing to listen.

This is the first time Obama has met with the House Republican conference since 2011.

Read the full story at ABC News and CNN.

For more of Neon Tommy's coverage on the budget nogiations click here.

Reach Executive Producer Amanda Martinez here.