Biden debt meeting cancelled after Cantor quits negotiations

Deficit-reduction talks scheduled for Thursday were cancelled after House Majority Leader Eric Cantor (R-Va.) announced he was withdrawing from the negotiations.

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Vice President Biden, Treasury Secretary Timothy Geithner and other top White House officials were set to come to the Capitol for the third consecutive day of talks, but that meeting has been called off after Cantor’s decision, a House Democratic aide said.

Cantor said he was leaving the talks because of the insistence of Democrats for including tax increases in a deal to cut deficits while raising the debt ceiling.

In a statement, Cantor called on President Obama to “resolve the tax issue," and said he would not take part in a meeting of the group on Thursday.

 “Regardless of the progress that has been made, the tax issue must be resolved before discussions can continue," Cantor said. "Given this impasse, I will not be participating in today's meeting and I believe it is time for the president to speak clearly and resolve the tax issue,” he said.

Democrats ripped Cantor for the decision, with some suggesting he was quitting so that Speaker John Boehner (R-Ohio) would take the fall if Republicans end up agreeing to some tax increases.