President Obama will hold two separate meetings later this week with all Democratic and all Republican senators to talk about deficit reduction, White House Press Secretary Jay Carney announced Monday.

Obama’s meeting with the Senate Democrats is scheduled to take place on Wednesday. He is expected to meet with Senate Republicans on Thursday.

The meetings will come on the heels of Tuesday’s meeting at Blair House between Vice President Joe Biden and negotiators from both chambers, the second round in the White House-led deficit-reduction talks.

Congressional leaders are beginning this week to draw more-detailed lines in the deficit-reduction battle. House Speaker John Boehner (R-Ohio) is traveling Monday to Manhattan, where he’s expected to lay out House Republicans’ strategy in the looming debt-limit fight.

Meanwhile, in a conference call with reporters, Sen. Charles Schumer (D-N.Y.), the Senate’s number-three Democrat, projected Monday afternoon that if no progress has been made in the debt-ceiling battle by mid-July, the world’s financial markets may not respond favorably.

“If nothing’s happening by July 15 or so, I’d say the markets are going to get really, really worried, so the sooner the better,” Schumer said.

Carney also said during Monday’s press briefing that meetings between Obama and the House Democratic and Republican caucuses are likely over the next few weeks.