House leaders ready for a way to "balance" debt deal

Washington – Both House Speaker John Boehner and Minority Leader Nancy Pelosi remarked they are ready to deal in tax hikes and entitlement cuts to seek a $1.2 trillion spending cut over 10 years.

Mr. Boehner said he would not rule out closing tax loopholes to raise revenue while Ms. Pelosi did not reject a plan to measure inflation in such a way that would cut cost of living allowances in Social Security benefits.

Both urged the Supercommittee to agree on a plan before the Nov. 23 deadline to trim the budget before automatic triggers begin to dictate across the board cuts in sensitive areas such as defense.

“It’s going to be very difficult to get to an outcome, but I am committed to getting to an outcome,” Speaker Boehner told reporters in Washington. “I am not surprised we are having some difficulty because this isn’t easy. It’s time for everybody to get serious about this.”