The reason? A familiar deadlock over taxes and cuts to major programs like Medicare and the Medicaid health care program for the poor and disabled.

Democrats won’t go for an agreement that doesn’t include lots of new tax revenue; Republicans are just as ardently anti-tax.

The impasse over revenues means Democrats won’t agree to cost curbs on popular entitlement programs like Medicare.

“Fairness has to be a prerequisite for it,” said House Minority Leader Nancy Pelosi (D-Calif.). “We have just come through passing a bill that was [all spending] cuts, no revenue.”