WASHINGTON (AP) — The top Republican in Congress wants trillions of dollars in spending cuts as part of must-pass legislation permitting the government to continue to borrow to fund its operations and meet obligations to investors.
House Speaker John Boehner, in a speech prepared for delivery Monday night, says it would be irresponsible to raise the so-called debt limit beyond its $14.3 trillion cap without a major effort to curb the spiraling deficit. He says the cuts should be larger than the amount of the permitted increase in the debt.
Finding trillions of dollars in spending cuts would likely require addressing major entitlement programs like Medicare and Medicaid.
Boehner ruled out tax hikes as part of any deficit solution.
Boehner's remarks will come in a speech to the New York Economic Club.