House Speaker John Boehner has walked away from negotiations with President Obama over a deal to raise the debt limit.
Boehner and the president have been seeking a "grand bargain" of perhaps $4 trillion in deficit reduction, but have faced stiff resistance from lawmakers in both parties. Most Republicans say they will not accept revenue increases in the deal, while most Democrats say any deal must include revenue increases as well as spending cuts. Democrats have also chafed at reports that the deal could include significant cuts to entitlement programs.
Despite rumors of a deal -- the alleged contours of which fueled anger from lawmakers -- Boehner said, "a deal was never reached, and was never really close." He said in his letter that "during these discussions, as in my earlier discussions, it became evident that the White House is simply not serious about ending the spending binge that is destroying jobs and endangering our children's future."
