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GOP Rep. LaTourette: There's a growing sense Obama has won on tax rates

But LaTourette said President Obama will have to agree to spending cuts and entitlement reforms if he really wants to make a dent in the deficit.

"We had a meeting of the House Republicans yesterday morning, as we always do every week, and the sense was that there's a growing number of folks in our party that are saying, 'You know what, the president has won this round relative to the rates but we need to sit down and get the second half of the deal and that's the spending,’ ” LaTourette said on CNN. "I think that the president — if he wants to take the deal and come forth with real entitlement reform, there's a deal to be had."

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The Republican said Obama’s opening deficit-reduction proposal would do little to cut the deficit. It would raise $1.6 trillion in tax increases and $400 billion from savings to entitlement programs. It also would spend $50 billion on new or continuing programs to help the short-term economy.

“That would operate the government for 11 days and so we are borrowing $1.6 trillion,” LaTourette said of Obama's proposal.

Republicans have countered with an offer — rejected by Obama — that would raise $800 billion in new tax revenues but would not raise any tax rates.

Obama and Speaker John Boehner (R-Ohio) spoke briefly on the telephone Wednesday about the fiscal discussions.

Boehner’s offer of new tax revenues has been criticized by some conservatives, but many in his conference appear to be reluctantly embracing it.