(Reuters) - The White House and Congress intensified negotiations on Thursday for a deficit-reduction deal, as major U.S. corporations clamored for lower tax rates they said would increase their global competitiveness.

With the U.S. deficit expected to reach $1.4 trillion this fiscal year, there is added urgency to finding a broad spending-cut deal. President Barack Obama and Vice President Joe Biden hosted separate meetings with Republican and Democratic lawmakers in search of a compromise.