Nightly News   |  February 23, 2013

Republicans may still accept more tax revenue

CNBC’s John Harwood joins Lester Holt with more on the sequester.

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This content comes from Closed Captioning that was broadcast along with this program.

>> for more on how all this is playing out we're joined by cnbc's chief washington correspondent john harwood . if we get to friday, they don't make a deal, do is they cuts all play out at once or does it transpire over a series of weeks or months?

>> they'll play out for a while, maybe not for a long while. even though body parties seem willing to let the sequester go into effect there's a lot not to like for both sides. if we see the effects like longer air travel delays you're going to see increasing pressure from their constituents to negotiate some sort of alternative.

>> for the last couple of years we've heard about the so-called grand bargain. is that just a dream or is it something we could see happen to solve all this?

>> it's hard to be optimistic but a republican member of congress told me this week that it's still possible that republicans would accept more tax revenue in the context of texas reform if democrats give ground on entitlements and because of the recent slow-down nationally in health care costs, reining in medicare is a more manageable problem than it's been in years.