Members of the so-called “Biden commission” have agreed to step up the pace of ongoing deficit negotiations. Congressional leaders offered few specifics following a two-hour meeting with Vice President Joe Biden in the Capitol today, but said they would meet again three times next week as they continue work toward a comprehensive deficit-reduction package intended to coincide with a vote to raise the federal debt limit.

House Majority Leader Eric Cantor (R., Va.) told reporters that newly released economic data underscored the need for meaningful action to address the deficit. “We believe that many of the problems surrounding the lack of job creation and growth in this country have to do with the fact that there isn’t a credible plan to manage down the debt and deficit in this country,” Cantor said. “That’s what we’re trying to produce here and we had much substantive discussion today and look forward to more next week.”

Thursday’s discussion is said to have centered on the polarizing issue of tax increases. Republicans have vowed to oppose any deal that includes tax hikes, while Democrats are eager to raise income tax rates for wealthy earners. Similarly, Democrats say they won’t support a deal that includes any cuts to entitlement programs, whereas Republicans are adamant that entitlements — the primary drivers of the nation’s debt problem – be addressed.

So it would appear that the two sides still have a long way to go before a deal is in the offing. Negotiators say they have already agreed to about $200 billion in cuts and are working toward an eventual package totaling at least $1 trillion. Cantor has said this figure would consist entirely of cuts, but Biden has more vague. Republicans have been pushing for strict caps on both mandatory and discretionary spending, while Democrats prefer a softer “deficit cap” that would automatically increase taxes if the targets are not met.

House Speaker John Boehner (R., Ohio) has made clear that House Republicans will not support any increase to the debt ceiling unless it is offset by an equal amount (or greater) in spending cuts.