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House Minority Leader Nancy Pelosi (D-Calif.) said Friday that Democrats are prepared to cut favored programs like Medicare in order to rein in deficit spending — but not unless GOP leaders reverse course and accept new tax revenues.

Appearing at the Capitol after a White House meeting on the sequester, Pelosi said President Obama and Democratic leaders have already backed plans to scale back Medicare benefits as part of budget “grand bargain” talks that never found legs in Congress.

It’s GOP leaders, she charged, who are preventing a deficit deal by drawing lines in the sand against new tax revenues.

“The House Democratic Caucus will not be an obstacle to our reaching a big, balanced, bold agreement,” Pelosi said. “But you can’t do it one-sided, where it just drags one side down, exalts the wealthy and the special interests.

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