(CBS NEWS) -- House Speaker John Boehner on Friday formally invited President Obama to deliver the State of the Union address on February 12.

"Our nation continues to face immense challenges, and the American people expect us to work together in the new year to find meaningful solutions," Boehner wrote in a letter to the president. "This will require a willingness to seek common ground as well as presidential leadership. For that reason, the Congress and the Nation would welcome an opportunity to hear your plan and specific solutions for addressing America's great challenges."

The speech, delivered before a joint session of Congress, will come at a contentious time for lawmakers: The Treasury is expected to hit the $16.4 trillion debt limit sometime between mid-February and March, while Congress will have to address the steep "sequestration" spending cuts set to go into effect on March 1.

Mr. Obama's Feb. 12 speech will be his fourth State of the Union. His first speech before a joint session of Congress, in 2009, was not formally considered a State of the Union address since he had just taken office.