The meeting has been delayed twice, and the White House is trying to downplay it because they know that reaching a consensus is going to be difficult. The President hasn't proposed any new solutions to the immigration problem, and hasn't indicated that he'll come out with anything new today, either. Solving the problem is going to cost a ton of dough, and Obama is already bankrupting the American taxpayer with his litany of other money-sucking proposals. Politically, the need for immigration reform isn't as pressing, since he's got the Hispanic vote covered with the Sotomayor nomination.
And he's just got too much else on his plate. Throwing spaghetti against a wall might cause some of it to stick, but it's more likely to just fall in a big mess on the floor.