President Barack Obama declared on Monday there would be no deal on raising the government's debt limit if Republicans won't compromise, and he said he would not sign a short-term extension — raising the stakes on volatile negotiations with the clock ticking toward an Aug. 2 deadline.

The president once again called a news conference to brief reporters on the status of the negotiations, just hours ahead of a third White House meeting with congressional leaders.

Obama said Monday morning in the briefing room, "We still have a lot of work to do," but applauded House Speaker John Boehner's "good faith efforts" to craft a deal. "Speaker Boehner has been very sincere" in his efforts to "do something big."

The president said, "We should use this opportunity to do something meaningful," adding, "Now is the time to deal with these issues. If not now, when?"