According to the AP in the Daily Sun -

GOP negotiators abandon bipartisan debt reduction meeting over tax increases. The Republicans walked out of the meeting blaming Democrats for wanting tax increases as part of the deal rather than accepting $1 trillion in cuts to Medicare and other programs.

The Democrats do not support an approach that provides for a $200,000 tax cut for millionaires and billionaires paid for by a $6,000 a year hike in expenses and costs for seniors.