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Many Democrats, meanwhile, balked at the very idea of discussing changes to entitlement programs.
It would also include substantial changes to entitlement programs like Social Security, Medicare and Medicaid.
Only then, he said, can they expect Democrats to negotiate changes to entitlement spending.
Barack Obama assembled grey-haired sages to recommend changes to entitlement programmes.
Democrats advocate a combination of spending cuts and tax increases with any major changes to entitlement programs regarded as anathema.
He said that changes in tax policy were also needed to make large-scale changes to entitlement programs.
Ms. Pelosi, whose colleagues include many liberals who resist significant changes to entitlement spending, said: "We understand our responsibility here.
The second would be a mechanism to force an overhaul of the tax code and long-term changes to entitlement programs next year.
Mr. Trump's sweet spot has never involved big changes to entitlement programs, even though the biggest fiscal hawks in Congress remain hopeful that he will get there.
Last week, 32 Senate Democrats joined 32 Senate Republicans on a letter in support of a broad-based deficit reduction effort that includes changes to entitlement programs.
Some rank-and-file Republicans have suggested that the House raise the debt ceiling only in exchange for significant changes to entitlement programs like Medicare and Social Security.
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