The breakdown of the latest U.S. deficit-cutting talks puts the onus on President Barack Obama and House Speaker John Boehner to bridge partisan differences over tax increases and cuts to entitlements such as Medicare.

House Majority Leader Eric Cantor and second-ranking Senate Republican Jon Kyl yesterday walked away from a seven-weeks-long negotiating effort led by Vice President Joe Biden to find a way to cut at least $1 trillion and raise the nation's $14.3 trillion debt ceiling before an Aug. 2 deadline.

"The goal of these talks was to report our findings back to our respective leaders," Biden said in a statement yesterday. "The next phase is in the hands of those leaders, who need to determine the scope of an agreement that can tackle the problem and attract bipartisan support."

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