The latest round of deficit talks between the White House and Congress, Vice President Joe Biden said on Tuesday, the negotiations are focusing on getting at least 1trillion dollars in the spending cuts.

I think we're in a position where we'll be able to get well above $1 trillion pretty quick in terms of what would be a down payment on the process, Biden said after a three-hour meeting on Capitol Hill with top lawmakers, as reported by Reuters.

Republicans have said that any deal to raise the debt limit would have to include spending cuts of equal size.

Biden said that new tax revenues increase needs to be a part of any agreement with Republicans in the legislation to lift the debt ceiling of 14.3 trillion dollars. This is the amount of money the US government is allowed to borrow so that it can meet its legal obligations.

Democrats and Republicans agree that the United States needs to reduce budget deficits by $4 trillion over the coming decade to ensure its debt remains at a manageable level.

The lawmakers have said that the nation has a “spending problem” instead of a revenue problem. They said raising the taxes is “off the table.”

Negotiators have been considering deficit-reduction that would trigger spending cuts and increase taxes in the coming years.

This would give them more time to resolve disputes over taxes and costly federal healthcare programs that have derailed other bipartisan deficit-reduction efforts.

Biden's comments were a sign that Democrats and Republicans might be able to chalk out a deal which would help the national debt. This would also give Congress a political cover to lift the 14.3 trillion dollar debt limit ahead of the Aug, 2 deadline.

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