File: Rep. Tom Cole, R-Oklahoma, gestures as he speaks during a town hall meeting in Duncan, Okla. (AP Photo/Sue Ogrocki)

Rep. Tom Cole (R-Okla.), an emerging deal-maker in the House and ally of House Speaker John Boehner (R-Ohio), says in a new interview that Republicans need to be open to the idea of revenue increases as part of a budget deal.

"I think both sides would like to deal with the sequester," Cole said in an interview with Bloomberg TV's "Political Capital with Al Hunt" set to air Friday evening. "And we're willing to put more revenue on the table to do that, and we would like to do it with entitlement savings."Cole, though, emphasized that he favors "pro-growth revenue" rather than tax rate increases.

Many on the GOP remain opposed to additional revenue being a part of the conversation, but Cole said both sides need to be willing to give a little on their priorities.

“Yeah, there are some that feel that way," he said. "But, you know, the reality is, you're going to have to have a deal here.  And a deal means everybody gives something up. Now, again, we're much more into what I'd call pro-growth revenue."

Cole also said he thinks there is a greater than 50 percent chance that a bipartisan House-Senate panel can come to an agreement.

“I think so. I think so.  I really do," he said. " Look, I think the worst thing to do would be another long-term continuing resolution.  I mean, that's just a bad way to govern.”