By Larry Kudlow, CNBC Anchor
NEW YORK ( CNBC) -- House Republican Speaker John Boehner gave an important policy speech on the debt ceiling Monday at the Economics Club of New York. This is probably the key paragraph (taken from an advanced look at the speech): "So, let me be as clear as I can be. Without significant spending cuts and reforms to reduce our debt, there will be no debt-limit increase. And the cuts should be greater than the accompanying increase in debt authority the president has given. We should be talking about cuts of trillions, not just billions." In plain English, Mr. Boehner is making this suggestion: Let's say there's a $2 trillion debt-limit increase proposed by the administration. In that case, there would have to be $2 trillion-plus in spending cuts in order to get Republican support. This is tough stuff.
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