GREGORY: Here's the issue though, Leader. If the White House, if Democrats are willing to cut trillions of dollars, which is certainly what you wanted in spending cuts, what is the Republican Party prepared to do in this negotiation that is hard?

CANTOR: Well it is very hard, I think, to first of all sit here and say yes, we're going to increase the credit limit of the country when we've got over $14 trillion in debt right now. But I think all of us believe that America's [sic] pays its bills just like every family business is expected to. So what we look at this is a situation where if we can come together and – rally around trillions of dollars in spending cuts, as well as reforms to the system, then we can go forward and begin to get the fiscal house in order. This is not easy for anyone to do, David. And I'm hopeful that we can get this done so we can begin to grow the economy again.