(Updated 8:11 p.m. ET with comment from Republican Sen. Mitch McConnell)
(CNN) - The White House may be open to a compromise on the extension of the Bush-era tax cuts.
Vice President Biden said Democrats may be willing to raise the $250,000 threshold at which higher taxes come into effect under President Obama's proposal.
"Compromise is always possible," Biden said in an interview on Bloomberg's "Political Capital" airing this weekend. "I think it's important we get the middle-class tax cut made permanent. And so I think we're open to speak to the Republicans, if they really mean it, if they're talking about deficit reduction, if they're willing to move. I think there's a possibility."
Congress left Washington without extending the tax cuts, and the topic has been an issue throughout the election cycle. Republicans want to extend all of the Bush-era tax cuts, including for those making more than $250,000 a year.
The White House only wants to extend tax cuts for individuals making under $200,000 a year and couples making under $250,000 a year.
The Democratic line of attack on the campaign trail is that they don't want to give tax cuts to "millionaires and billionaires." Biden commented on the nation's wealthy in the interview as well.
"I don't have any problems with wealthy people getting a tax cut. I mean, for real," he said. "I mean, these are good guys."
Senate Republican Leader Mitch McConnell responded to Biden's comments in a statement.
"I would like to believe that the vice president's comments suggest a real conversion toward the views of most Americans and a rejection of the administration's job-killing policies of the past two years," McConnell said. "But it's a real challenge to believe it's anything other than a pre-election attempt to distract voters from the administration's record-and its oft-stated plan to sock America's job creators with a massive new tax hike sometime between now and January."
–CNN’s Shirley Henry contributed to this report