By CNN's Deirdre Walsh and Jessica Yellin

Washington (CNN) - A day after a 75-minute session, talks will resume Monday to try to reach a deficit-reduction deal and pave the way for a hike in the nation's $14.3 trillion debt ceiling, a White House spokesman said Sunday.

White House communications director Dan Pfeiffer said on his Twitter account on Sunday night that congressional leaders will return to the White House for further negotiations on Monday. At 11 a.m. that same morning, President Barack Obama will hold a press conference in the White House briefing room, according to his official schedule.

These announcements are the first formal fall-out of Sunday's night talks on the subject, led by the president and involving top politicians from the House and Senate.

When asked before the meeting's start if a deal could be reached within 10 days, Obama told reporters, "We need to."

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