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"Do not consider Social Security a piggy bank for giving tax cuts to the wealthiest people in our country," said Pelosi. "We are not going to balance the budget on the backs of America's seniors, women and people with disability."
Earlier, House Speaker John Boehner called dealing with short and long term debt problems critically important, but he and other Republicans reiterated their opposition to tax increases and eliminating certain loopholes benefiting wealthier Americans.
"We are not going to raise taxes on the American people," said Boehner. "We are not going to raise taxes on the very people that we expect to re-invest in our economy and to help grow jobs."
The House Majority Leader, Republican Eric Cantor, said talks were beginning their "final stage" and referred to progress made in an initial series of negotiations led by Vice President Joe Biden.
"There was a blueprint on the table where there could be over $2 trillion in savings," said Cantor.
Ultimately, a compromise will include elements of Mr. Obama's own proposals, those from Democrats and Republicans, and the recommendations of two bipartisan independent commissions.
In a statement Thursday, the co-chairs of one of those panels, Alice Rivlin and former Senator Pete Domenici, urged lawmakers to "put aside partisan theatrics" and reach a deal that includes revenues, government entitlement programs and annual spending.
Press Secretary Carney told reporters that no single plan will end up being the ultimate compromise that agreed upon. As for the negotiations ahead of the August 2 debt ceiling deadline, Carney said "we are in the end game."