"It seems to me that the only solution that can win the support of both parties is a balanced approach: one that cuts some spending and raises some revenue while avoiding extremes in either direction," Hoyer said in remarks prepared for delivery at a speech on the country's budget woes.
"A balanced approach would spread the effects of change across American society," he said.
The US budget deficit stands at its highest level relative to the economy since World War Two, thanks to a deep recession and unfunded wars and tax cuts.
Deficits are projected to remain stubbornly high even after the economy recovers, as an aging population drives up the government's retirement and healthcare costs.
President Barack Obama has set up a panel to consider ways to bring US revenues in line with its expenditures - not likely to be an easy task.
Lawmakers have resisted cuts to popular entitlement programs that are projected to increase in coming years, while Republicans have suggested that they would not support tax increases.
