President Barack Obama is telling the nation's governors that "at some point we've got to do some governing," rather than "careening from manufactured crisis to manufactured crisis."

At a White House meeting today, he told the governors that the automatic spending cuts due to be triggered on Friday can be averted with "just a little bit of compromise."

Unless Congress acts, $85 billion in cuts will go into effect Friday. Speaking to the nation's governors, Obama says the impact of the cuts may not be felt immediately, but the uncertainty created is already having an effect on the economy.

The spending cuts have frustrated governors attending the National Governors Association meeting in Washington, who worry that it could threaten economic recovery in their states.

Gov. Bobby Jindal says he believes a deal can be reached but adds, "the president needs to show leadership." The Louisiana Republican accused the president of having "an insatiable appetite for new revenue."

Despite the looming deadline, there is no indication that the White House and Congress are negotiating.