Sen. Sessions: Closing tax loopholes in debt limit compromise is a tax increase

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Earlier Friday, House Speaker John Boehner (R-Ohio) issued a strongly worded statement expressing opposition to any kind of debt ceiling increase compromise that included tax increases. Boehner did not mention opposition to closing loopholes in his statement. 

Boehner's statement came a day after House Majority Leader Eric Cantor (R-Va.) announced that he would no longer participate in negotiations on increasing the debt limit led by Vice President Biden. Cantor said he quit because Democrats would not agree to a compromise that did not include tax increases.

After the group's breakdown, President Obama and the vice president will meet with Senate leaders on Monday to discuss negotiations on raising the debt limit, the White House announced Friday.

The meetings are intended to "to find common ground on a balanced approach to deficit reduction," the White House said.