The president has renewed his call for revenue increases as part of a debt deal, despite the fact House Speaker John Boehner walked away from one-on-one talks last week and is now pitching his caucus a Senate-House agreement hinging on $1.2 trillion in spending cuts and no tax increases.

Ohio Senator and former Office of Management and Budget Director Rob Portman agrees that's "the direction we need to go," but says there is at least $2.8 trillion in cuts that have already been agreed to that he wants to see in a final proposal.

Still, the Republican says, "What's critical is that we go ahead now and put these spending cuts in place. If it's a trillion dollars to get us six months down the road, that's a whole lot better than passing this debt limit without real cuts."

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