Updated: 4:42 p.m.

President Barack Obama will brief Congressional leaders Wednesday morning at the White House prior to what is expected to be a significant speech outlining his long-term deficit-reduction plan. 

The White House announced that Obama will “discuss the fiscal policy vision” that he will outline Wednesday afternoon at George Washington University with a bipartisan group of Congressional leaders. 

Speaker John Boehner (R-Ohio), House Majority Leader Eric Cantor (R-Va.), House Minority Leader Nancy Pelosi (D-Calif.), House Minority Whip Steny Hoyer (D-Md.), Senate Majority Leader Harry Reid (D-Nev.), Senate Majority Whip Dick Durbin (D-Ill.), Senate Minority Leader Mitch McConnell (R-Ky.) and Senate Minority Whip Jon Kyl (R-Ariz.) are expected to attend the meeting, which is scheduled for 10:40 a.m.

Boehner and Cantor drew a hard line against accepting any tax increases to reduce the deficit, with Boehner saying in a statement Tuesday afternoon that they would be “unacceptable” and a “nonstarter.” In a separate statement, Cantor called the president’s speech a “much anticipated ‘budget do-over,’” referring to the fiscal 2012 budget request that Obama presented in February.

“I look forward to meeting at the White House tomorrow, and will make clear to the President that Americans don’t want their taxes raised, they want Washington to get its fiscal house in order, which is why he, Leader Reid and Leader Pelosi need to work with us to cut spending, implement pro-growth tax reform, and rule out raising taxes,” Cantor said.

The president is expected to begin his national address at 1:35 p.m., according to GWU. The speech will be broadcast live on the White House website.