Debt-Limit Showdown or Cave-In? Boehner Wants 'Trillions' in Cuts

U.S. House Speaker John Boehner appeared to up the ante in debt-ceiling negotiations Monday night when he declared, "Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase."

While Wall Street is apoplectic at the prospect of Congress failing to raise the current $14.6 trillion ceiling, Boehner appears to be standing firm on big spending cuts.

"We should be talking about cuts of trillions, not just billions ... They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future," the Ohio Republican said.

Boehner's stand contrasts with President Barack Obama, who wants to raise the debt ceiling without limiting spending -- a so-called "clean" bill.

A Resurgent Republic survey of U.S. voters finds that, for now, Boehner is more in tune with public sentiment. The poll shows only 11 percent -- including just 18 percent of Democrats -- side with Obama's call to raise the debt limit without preconditions.