WASHINGTON -- Vice President Joseph Biden emerged from Tuesday’s bipartisan deficit meeting declaring that revenues must be part of a final deal for raising the debt limit—a marker that gives the clearest sense to date of how things are shaping up in the ongoing talks.
Biden, leading the talks with House and Senate lawmakers, told reporters that the group is in a position to agree "pretty quick" to more than $1 trillion in deficit reduction. From there, the lawmakers will look to triggers to reach a total of $4 trillion in cuts, he said.
"We're confident that if we keep on this pace, we will get to a very large number," Biden said, adding, "At the end of the day, revenues are going to have to be a part of the deal."
But House Majority Leader Eric Cantor (R-Va.) told reporters after the meeting that tax hikes are still off the table, despite echoing Biden's confidence that the group can agree to more than $1 trillion in immediate cuts.
"This process shows that if people come together, finding spending cuts isn't that hard," Cantor said. But, he added, "I reiterated that tax increases cannot pass the House."
A GOP leadership aide reinforced Cantor's line in the sand on revenues.
"The one thing we've made clear as a non-starter is a tax hike," the aide said. "As the vice president learned in the [continuing resolution] negotiations, saying it to the press doesn't make it so."
Asked whether Republicans in the meeting were warming to the idea of tax increases, Biden joked, "Republicans love it. They just love it."
The group will hold its next meeting, which will be its fifth, next Thursday. The vice president said members of the group will alternate coming in during recess weeks to avoid taking too much time off from the talks. The House and Senate are currently scheduled to be in session on alternating weeks.
Other meeting participants were mum as they trickled out of the meeting.
"We’re making progress," Assistant House Minority Leader James Clyburn (D-S.C.) said repeatedly.
House Budget ranking member Chris Van Hollen (D-Md.) demurred when asked if negotiators talked about making cuts to Medicare. "A lot of issues were discussed," he said.
The deficit meeting comes on a day when House GOP leaders signaled plans to hold a "clean" vote next week on raising the debt limit. The vote is purely a political exercise: they expect it to fail and to say it proves that most lawmakers, including Democrats, agree on the need to tie major spending cuts to a hike in the debt limit. The White House has regularly advocated for separate votes on a debt limit hike and deficit reduction.
"This vote will show that the administration’s proposal cannot pass in the House, and that major spending cuts and reforms must be part of the solution," Brendan Buck, spokesman for Speaker John Boehner (R-Ohio), said in a statement.
Senate Majority Leader Harry Reid (D-Nev.) warned earlier Tuesday that a failed vote on a debt limit increase, even if just for political purposes, could spook markets.
Administration officials remain "confident" that negotiators will make progress both on deficit reduction and raising the debt limit, said White House spokeswoman Amy Brundage.
"Serious discussions are already underway on how to reach agreement on significant deficit reduction, and all responsible leaders from both parties agree that we need to extend the debt limit," Brundage said in a statement. "That is important so that the U.S. can live up to obligations for debts the country has already incurred and so that we do not run the risk of plunging the economy into another recession."
Negotiators still have tough decisions ahead. A Politico report notes that even after recent concessions, White House and Republicans are still more than $1.1 trillion apart on how much to devote to domestic spending over the next 10 years.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.