Obama set to speak on budget cuts

US President Barack Obama will make remarks about looming automatic budget cuts at 1635 GMT after a meeting with top congressional leaders broke up with little apparent progress.

The president's appearance will take place on the day in which $85 billion in automatic cuts are due to come into force, following the failure of Obama and Republican leaders to reach a deal on how to reduce the deficit.

House Speaker John Boehner emerged from talks with the president to signal to reporters that Republicans would not budge on Obama's key demand for a deal which would raise tax revenues.

"Let's make it clear that the president got his tax hikes on January 1. This discussion about revenue in my view is over," Boehner said.

"It is about taking on the spending problem in Washington."