Budget Negotiations Stall as Cantor Quits Talks

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A bipartisan effort to solve the federal budget crisis stalled Thursday after two top GOP negotiators pulled out of the talks.

House Majority Leader Eric Cantor and Sen. Jon Kyl, R-Ariz., quit the negotiations with Vice President Joe Biden.

The two lawmakers didn't agree with Democrats' demands to raise some taxes before they agree to more spending cuts.

Cantor wants President Barack Obama to get directly involved in the process.

"It is time for the president to speak clearly and resolve this tax issue," Cantor said. "Once resolved, we have a blueprint to move forward to trillions of spending cuts and binding mechanisms to change the way things are done around here."

Senate Finance Committee Chairman Max Baucus, D-Mont., said including tax increases on the wealthy is only fair, and that he's disappointed his colleagues have left the talks.

The ongoing debate centers around the government's need to raise the $14.3 trillion debt ceiling.

Without an agreement, the country could default on its debt obligations by August 2.

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