Eric Cantor says debt talks close to agreement

News out of Washington.

The debt reduction talks led by Vice President Joe Biden are in what insiders call “a make or break week,” as negotiators try to find $2 trillion or more in spending cuts as part of a deal to increase the debt ceiling.

Treasury Secretary Tim Geithner says the negotiators are getting closer.

“We need to make some progress this week to give everybody more confidence that there’s a framework that has the votes,” Geithner said. “You know, ultimately what matters is how do we get the votes to pass something in the House and the Senate.”

One of the negotiators, House Majority Leader Eric Cantor, R-Va., indicated the talks are at a critical moment. “It’s crunch time now in those meetings,” he said. “We are at some really tough stuff.”

Meanwhile, other Republicans have made clear what they see as essential elements in any agreement.

“Entitlements are the biggest drivers of our debt,” noted Senate Republican Leader Mitch McConnell, R-Ky. “By definition, they have to be a part of any plan to lower the debt. This is hardly a controversial view.”

To avoid attacks on that as a Republican assault on entitlements, McConnell notes he has plenty of Democratic company, including the Vice President and even President Obama himself.

“To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security,” Obama said to a joint session of Congress soon after he was inaugurated.