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Eliminating the Bush tax cuts for the highest earners, however, will only put a small dent in the projected deficit.

Republicans contend that raising top rates would hurt small businesses and cut into cash that might otherwise turn into consumer spending. Mr. Ryan said on NBC's "Meet the Press" Sunday that "If you go down the tax increase path you're sacrificing the economy."

The White House will  2011 nike running shoes online  stress what Mr. Plouffe called "smart" deficit reduction, meaning a plan that avoids cuts to administration priorities such as spending on education and infrastructure.

If the tax fight reignites, the White House could be setting itself on a collision course with Republicans on the debt ceiling, a fight with more serious consequences for financial markets.

The U.S. Treasury issues debt to fund the country's obligations, including interest payments. But Congress sets the limit, or ceiling—currently at $14.294 trillion—and the country  Silly bandz has roughly $14.2 trillion in debt outstanding. The Treasury wants the ceiling raised now, believing the country could potentially default on its debt July 8.

Many GOP lawmakers  Efx wristband refuse to increase the ceiling under any circumstances, while others plan to use the vote as leverage to get deficit-reduction measures. Mr. Plouffe signaled the White House is open to attaching deficit-reduction measures to a bill.