President Joe Biden says revenue, not just spending, is on the table in debt ceiling negotiations.

Biden told reporters in Japan that he has agreed to spending cuts, but the other side of the ledger has equal weight.

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"If you all were doing your budget at home and you said, 'Okay, we have to make some cuts,' would you only look at the spending? Or would you also look at your income?'" Biden said during a press conference in Hiroshima. "Part of what I've been arguing from the beginning is the need to consider the tax structure as well as cutting spending."

The reporter asked if the agreed to spending cuts would trigger a recession, and Biden said "no."

The only debt ceiling legislation to pass a chamber of Congress so far is the Limit, Save, Grow Act, which would reduce spending by $4.8 trillion while increasing the debt limit by about $1.5 trillion. The White House has gone all-out opposing the bill, dubbing it the "Default on America Act," yet some of its biggest proposals remain in discussion.

Those include work requirements, canceling student loans, and axing green energy-related tax cuts.

But Biden, in his response, also focused on taxes, saying that the roughly 1,000 billionaires in the United States should pay more. The president said the Trump-era tax cuts were worth $2 trillion and should also be up for discussion when it comes to the debt limit.

"There's a lot of things that they refuse to look at in terms of tax generation, as well as what kinds of people we're going to increase taxes for," he said. "We went from having roughly 740 billionaires to 1,000 billionaires in America. They're paying an average tax rate of 8%."

He called for having the billionaires pay closer to 15% in taxes, along with increasing the number of IRS personnel to generate up to an additional $400 billion in tax revenue.

House Republicans have consistently refuted efforts to raise taxes or hire more IRS agents.

"It's not a revenue problem. It's a spending problem," House Speaker Kevin McCarthy (R-CA) said last week.

That will be a sticking point as the two sides work toward raising the debt limit.

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"There’s a lot of things that they refuse to entertain," Biden said. "And they just said revenue is off the table. Well, revenue’s not off the table. And so that’s what we continue to have significant disagreement on, the revenue side."

Biden is wrapping up his trip to Japan for Group of Seven meetings and said he would talk to McCarthy during the plane ride back to Washington.