House Majority Leader Eric Cantor (R-Va.) on Monday warned of an urgent need to strike a deal to raise the debt ceiling, telling reporters that "we don't want the markets to make this decision for us."�

Cantor, who is representing House Republicans in talks led by Vice President Biden, acknowledged that there is a growing concern the financial markets will be rattled and interest rates will spike if congressional leaders cannot reach an agreement before Aug. 2, the deadline the Treasury Department has set for lifting the nation's $14.3 trillion debt limit.

The majority leader reiterated, however, that spending cuts and reforms are an essential requirement to a deal that the markets, and the public, find...