Vice President Joe Biden voiced optimism today as he chaired negotiations on the U.S. deficit, after Republicans signaled willingness to seek a down payment on cuts but no “grand slam” to slash spending, Reuters reported.

Lawmakers must beat an Aug. 2 deadline to raise the $14.3 trillion federal debt limit.

“We’re going to lay down – not hard negotiating positions – but let (us) make sure each of us understands where the other guy is coming from,” Biden said as he began the meeting with top lawmakers from both parties.

Biden said progress was made at the meeting, which featured four Democratic lawmakers and two Republicans. The White House has pitched the panel as an opening bid from the administration to forge a compromise.

A bipartisan group of six senior senators – the so-called Gang of Six – is separately pursuing discussions to structure a deal.

President Barack Obama wants to raise taxes on wealthier Americans and shield social safety net spending such as Social Security and Medicaid. Republicans want to keep taxes low and cut spending, including on Medicare.

Republican Sen. Jon Kyl said after the meeting that talks had gone “just great.”