According to one top aide, both Pelosi and Minority Whip Steny Hoyer (D-MD) intended to "deliver a message from the caucus that we definitely want to see revenues included in any package."
Additionally, "any changes to Medicare have to be things that strengthens the program, not just a bank for tax cuts for millionaires," and the party is broadly opposed to cutting Social Security as a means of balancing the budget.
Back at the Capitol, House progressives aligned to warn Obama and Republicans not to go too far, or they'll lack the support to pass the plan through the House.
"Without overwhelming support from our caucus I think it will be a hard deal to pass," said Progressive Caucus Co-Chair Raul Grijalva (D-AZ).
Obama addressed the media after the meeting and announced that staff and members will reconvene at the White House Sunday, after working through the weekend, hopefully with a framework in hand for a bill to reduce deficits and raise the national borrowing limit.