(WASHINGTON, D.C.) -- With a likely stalemate in Washington over raising the federal debt ceiling by $2.4 trillion, North Carolina Congressman David Price said it takes a lot to reduce the federal deficit. He said the best cure for a deficit is a roaring economy.

"You can't simply cut your way out of a recession nor can you tax your way out of a recession.  You really have to have a tool kit that includes some ways of bringing the economy back as well as constraining the budget in the long-term," said Price.

Even with a vote expected on Tuesday in the U.S. House, the wrangling over spending cuts and raising the debt ceiling could last into July.

A panel of bipartisan senators led by former UNC system President Erskine Bowles, is seeking a plan to reduce the deficit. But Congressman Price said the group is hardly off to a promising start.  "I don't know that they have the solution and they're certainly having hard time."

Senator Tom Coburn of Oklahoma dropped out of the group last week.