Political Stalemate: Congressional Leaders to Meet After Debt Talks Collapse

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"I say to both the President and to the Speaker here on the Senate floor, representing my Democrats, and I'm confident many Republicans, be very careful," Reid said. "Show a lot of caution as this negotiation goes forward because any arrangement must be fair to all America, not just the wealthy."

Boehner has also faced internal party challenges in attempting to steer a group of freshman representatives in the Republican caucus, many of whom came to Washington vowing to block tax increases, to consider compromises on revenue.

When asked by ABC's Jonathan Karl if he walked away from the negotiations because he was unable to control his own caucus, Boehner said that was "absolutely not" a factor.

"I gave the president's proposal serious consideration," Boehner said. "But let's understand something. There was an agreement. There was an agreement with the White House at $800 billion in revenue. It's the president who walked away from his agreement and demanded more money at the last minute. "

Friday's negotiation fallout is coupled with the failure of the Republican's "Cut, Cap, and Balance" legislative plan, which was shot down in a party line vote in the Senate on Friday.

The legislation, which was expected to fail as it moved through Congress this week, would have cut federal spending over the next decade, while also calling for an amendment to the Constitution requiring a balanced budget.

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