House Majority Leader Steny Hoyer on Wednesday signaled a willingness to compromise to resolve an impasse over the looming expiration of trillions in tax cuts for nearly every American.

"I'm always prepared to discuss alternatives so we can move forward," the Democratic leader said when asked about the possibility of a one-year extension for high-end taxpayers.

He affirmed the Democrats' preference to only renew tax cuts for those families earning less than $250,000 a year.

Republicans are demanding that tax cuts for those earning more than that also be renewed, creating an impasse.

President Barack Obama and most fellow Democrats in Congress oppose extending the tax breaks for those earning more than $250,000 a year, arguing the nation cannot afford it.

"I don't want to explode the deficit," Hoyer said.