(WASHINGTON, D.C.) -- There will be more talking at the White House on Thursday between Republicans and Democrats trying to agree to the conditions for raising the government's debt ceiling before the August 2 deadline. Democratic North Carolina Senator Kay Hagan said we need to follow the guidelines of the proposed Fiscal Commission report chaired by Erskin Bowles.

"In that reports they targeted $4 trillion in savings for the debt and they did it by for every three dollars in spending cuts there was a dollar of revenue," said Hagan.

Hagan added that there are several things the President and Congress needs to do. "We've got to redo our tax code.  We've got to make it fairer. We've got to make it simpler and we've obviously got to reduce spending across the board."

Debt reduction is one condition set for increasing the nation's debt limit, and if lawmakers do not raise the debt ceiling by August 2, the U.S. government goes into default.  President Obama has said that even coming close to defaulting will cause harm.