Vice President Joseph Biden and congressional leaders left a meeting on the debt limit Tuesday night saying they were on track to find $1 trillion in deficit cuts, The Hill reported.

“We are confident that if we keep on this pace we can get to a relatively large number,” Biden told reporters as he exited the meeting in the Capitol that lasted more than 2 ½ hours. “I think we’re in a position where we’ll be able to get to well above $1 trillion pretty quick, what would be a down payment on the process.”

The top Republican in the Biden-led talks, House Majority Leader Eric Cantor (R-Va.), also struck a positive tone and said he thought lawmakers could find “over $1 trillion in spending cuts.”

“I actually found the ability to work together to actually agree on spending cuts,” Cantor told The Hill after the meeting. “I think some are finding that it’s not so hard.”

House Speaker John Boehner (R-Ohio) has said trillions in spending cuts will be necessary for the House to agree to raise the $14.3 trillion debt ceiling, which President Barack Obama wants raised by Aug. 2.

Biden said the group was also discussing trigger mechanisms to get to a total of $4 trillion in cuts over an unspecified time period. The White House in April called for $2 trillion in spending cuts, $1 trillion in revenue increases and $1 trillion in interest payment reduction over 12 years.

Biden did not specify how that $1 trillion in deficit cuts would be reached. He said that the group has yet to discuss tax increases. He said he told fellow negotiators Tuesday that revenues have to be on the table, something Republicans have ruled out.