The Hill News

A key Democrat sounded optimistic notes about the White House-led deficit-reduction talks that got underway Thursday, despite acknowledging vast differences between the two parties.

Rep. Chris Van Hollen (Md.), the ranking member of the House Budget Committee who is participating in the talks, said they are not "mission impossible," even though many observers have expressed skepticism they will produce a workable deal.

"I do not think it is mission impossible because I think everyone understands that we have to come together and get a bipartisan agreement on some kind of deficit reduction plan," Van Hollen said during an interview with Bloomberg Television.

The talks began Thursday morning with Republicans and Democrats split on many issues, especially whether or not to include new taxes as part of a deal. 

Democrats prefer enacting automatic tax hikes or spending cuts while Republicans prefer a spending cap that would not force tax increases.

Van Hollen said he prefers raising revenue, preferably by getting rid of tax breaks for oil companies, a proposal which Republicans have largely resisted.

"Every bipartisan deal out there, every serious group of people that has taken a look at that have said in order to get a balanced approach, you have to look at both revenue, getting rid of some of the big tax breaks for the oil companies," he said. "I mean, come on. Profits are going through the roof, they don't need taxpayer giveaways."

He also criticized Budget Committee Chairman Paul Ryan's (R-Wis.) deficit-reduction plan, which House Republican! s have said represents their position heading into the talks. !

"I think now the public has gotten a very a good look at the House Republican plan, they do not like what they see," Van Hollen said.