President Obama and Senate Democratic leaders spent most of their meeting today on their short term agenda, the next two weeks or so leading into the August recess.

The Democratic priorities include new Wall Street regulations, which are expected to pass later this week. Obama also wants two items that Republicans have held up because of concerns over the federal budget deficit: An extension of unemployment benefits and an expanded loan program for small business owners.

Here is Gibbs’ readout of the meeting with Senate Democrats:

I would say that they spent a decent amount of time talking about … the next three agenda items that we think over the course of the next two weeks we’d like to see both taken up and passed.

Obviously, the first is financial reform, or Wall Street reform … If you look at the statements from Senator (Scott) Brown, Senator (Olympia) Snowe and Senator (Ben) Nelson of Nebraska — all in support of the bill — I think it is likely that that legislation will be taken up by the end of the week and passed.

Secondly, there was a discussion about passing an extension of unemployment insurance for the long-term unemployed.

And then, finally, a discussion about the small business lending facility and loan program that the president believes (will) … continue to get increased capital to small business.