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Plouffe: "We Are Going To Require Some More Revenues"

STEPHANOPOULOS: So the president likely to accept this, if they do, indeed, pass it. He has said he doesn't want to negotiate over the debt limit, but if they pass this, there's a breathing space. So will he start negotiations right now on the big budget issues after they pass this?

PLOUFFE: Yeah, and, listen, we've been pretty clear. As you know, we made public our offer to Speaker Boehner, over $1 trillion in additional spending cuts, $400 billion in entitlement savings. This is really serious stuff, on top of the over $1 trillion we've already signed into law.

So the barrier to progress here isn't our position of the president. We've moved more than halfway, which is a fair definition of compromise. And we are going to require some more revenues.

STEPHANOPOULOS: Well, that's...

PLOUFFE: John Boehner himself said he thought there was $800 billion in revenue from closing loopholes. We've dealt with the tax rate issue. Now it's about loopholes. And I think the country would be well served by tax and entitlement reform, because it'll help our economy.

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