WASHINGTON—President Barack Obama on Wednesday set meetings with Republican and Democratic lawmakers to discuss how to break the standoff over raising the U.S. borrowing limit and end a partial government shutdown that began nine days ago.

The White House said Mr. Obama will huddle with House Democrats on Wednesday afternoon. A senior GOP aide said the president will meet with House Republicans lawmakers on Thursday. Mr. Obama is also expected to meet with senators.

The sessions come as Congress and the White House remain bitterly divided on how to end an impasse over government funding and raising a cap on borrowing, which the U.S. Treasury says it needs soon to keep paying all its bills. In a blunt acknowledgment that no end to the impasse is in sight, both chambers of Congress are expected to be in session this weekend.