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BY CHRISTINA HARTMAN

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Debt talks in danger as two Republicans drop out.

KNXV: “Senator Jon Kyl has dropped out of talks with the vice president and other Democrats to talk about raising the debt ceiling. ... Apparently Kyl was the last Republican left …  Eric Cantor -- he dropped out this morning.”

Vice President Joe Biden led negotiations on Capitol Hill Tuesday and Wednesday -- but the departure of the only two Republicans at the table spells trouble for the talks. And as MSNBC’s Luke Russert reports -- the news came as a shock to political observers.

“For all intensive purposes, we had heard all along these talks were going well. Eric Cantor even said today there was a lot of areas of commonality, there were blueprints for success in terms of trying to cut federal spending. That being said, Eric Cantor pulling out of these talks is quite surprising, considering all those things said earlier and it really shows Republicans they will not raise taxes under any circumstances.”

Republicans won’t raise taxes -- where’s the surprise there? That from The Washington Post’s Chris Cilizza who writes -- anyone surprised by this need look no further than 2012.

“The fact is that it would amount to political death for Cantor to be seen as a major player in a deal that increases taxes of any sort without the gaining heavy concessions on the spending side.”

And it looks like Republicans are putting the pressure on the president to take a more active role. Senate Minority Leader Mitch McConnell took to the floor Thursday in a scathing critique of the commander-in-chief.

MCCONNELL: “Where in the world has president Obama been for the last month? Where is he? What does he propose? What is he willing to do to reduce the debt? And to avoid this crisis, this building on his -- this crisis that's building on his watch?”


But Republicans control the House -- and Senate Budget Committee Chairman Kent Conrad says the GOP needs to take some responsibility, too.

SEN. KENT CONRAD (Budget Chair): “Our friends across the aisle say it is only a spending problem? Let's get real. It is a spending problem and it is a revenue problem. Let's be honest with the American people.”

So what now? House Speaker John Boehner says Republicans will talk -- if tax hikes are off the table. Meanwhile - an August 2nd deadline looms before Treasury Secretary Timothy Geithner warns the US could default on its obligations. Financial Times predicts...

“The walkout ... increases the chances of a short-term deal to lift the debt ceiling for a few months, while both parties try to work out a longer term plan.”

That could be an option -- but earlier this week Cantor and House Democratic Whip Steny Hoyer both gave the possibility a thumbs down in separate public appearances. So what now? The Huffington Post’s Jennifer Bendery says -- it’s on the president and House Speaker -- and that’s to be expected.

“A top Republican aide concurred that ‘the assumption has been for months’ that Obama and Boehner would have to take over and reach the final deal. The good news, the aide said, is that Biden’s group already pored over the budget and did much of the legwork.”
 

Transcript by Newsy.