CHICAGO (CBS) — As Wall Street stumbled after Standard and Poor’s downgraded the nation’s debt, Sen. Dick Durbin was saying Democrats and Republicans are going to make some hard choices if they are to get this country’s finances under control.

That means both sides are going to have to look at raising taxes and ending certain tax breaks, Durbin said.

He said Republicans need to end their sweeping opposition to tax increases.

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“We have to put revenue on the table,” he said. “There is no other way to deal with the deficit honestly.”

He said Democrats need to give on certain tax breaks as well.

He suggested that ending mortgage interest tax deductions on second homes should be considered. He added that the deduction may not be applied to every home, no matter the value.

“I think it’s worth a conversation,” he said