Social Services Minister Kevin Andrews is reportedly considering dropping budget cuts to the aged pension and family tax benefits, after opposition from Labor and crossbench senators.
The Minister has signalled to crossbench senators he is open to a compromise deal with Labor, News Corp reports.
Mr Hockey says the reports are inaccurate, saying that the government is determined to pass its budget measures in its entirety to avoid "future pain" for Australians.
"If we don't get the revenue that way, we have to get the revenue some other way," he told Channel 9, "because if we don't get the budget surplus, there will be greater pain in the future."
Opposition Minister for Families and Payments, Jenny Macklin says the federal government's consideration of potential compromise deal on the measures signals a "humiliating backdown".
"This is a hugely humiliatiing backdown from Tony Abbott and Joe Hockey, after they rammed these cuts through the House of Representatives in June," Ms Macklin said.
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