The White House and congressional leaders are set to meet Thursday to try to begin narrowing a partisan divide over the U.S. budget, according to Reuters.

The opening round of negotiations aimed at setting funding for the remainder of the fiscal year will take place at 3 p.m., Republicans and Democratic aides said.

Vice President Joe Biden will chair the meeting, which will include House Speaker John Boehner, House Democratic leader Nancy Pelosi, Senate Republican leader Mitch McConnell and Senate Democratic leader Harry Reid.

Lawmakers have until March 18 to resolve differences over spending levels through September. The Republican-controlled House of Representatives has passed a bill that would cut domestic spending by $61 billion, though Senate Democrats are preparing a bill that would keep funding levels essentially flat.

Both parties have acknowledged the need to reduce a budget deficit that is projected to hit a record $1.65 trillion this year, equal to 10.9 percent of the gross domestic product, but haven’t agreed on how to get there.

A poll from The Wall Street Journal and NBC News found that more than half of those surveyed fear the Republicans will cut spending too deeply, but 70 percent of tea party backers worry they won’t go far enough.