TODAY @ 2:15 PM ET | Speaker Boehner's Five Points Speech - WATCH LIVE HERE

During his remarks last night at the 2011 Conservative Political Action Conference (CPAC), House Speaker John Boehner (R-OH) outlined the new House majority's pledge to "liberate our economy from the shackles of debt, excessive regulation, and over-taxation" to help create a better environment for job creation. As part of that effort, Boehner said the House will "cut $100 billion in discretionary spending next week." Below are excerpts from Boehner’s remarks as prepared and you can watch the full speech here:

Boehner on Cutting $100 Billion in Discretionary Spending Next Week:

"The American people have directed us to cut spending.  We will.  And there’s no limit to the amount we’re willing to cut to help get our economy moving again. Let me be very clear about this: we are going to exceed our Pledge to America. We are going to cut $100 billion in discretionary spending next week. Write it down.  $100 billion in discretionary spending. And we aren’t going to stop there."

Boehner on the Effort to "Liberate Our Economy from the Shackles of Debt, Excessive Regulation, and Over-Taxation":

"The other side says our spending cut plan, drafted by Paul Ryan, will cause ‘pain and suffering.’ Baloney. What will truly cause pain and suffering is the status quo – doing nothing – leaving the spending process on autopilot and squandering our nation's future. Our majority will not stand for that. Our goal is to liberate our economy from the shackles of debt, excessive regulation, and over-taxation."

Boehner on How Excessive Government Regulations Destroy Jobs:

"I’m a former small businessman.  Ran a small business, met a payroll, created jobs. I’ve seen first-hand how government makes it harder for small businesses to create jobs and make ends meet. Excessive government regulation crushes jobs. This is why our majority will pass a resolution to inventory and review federal agency rules and regulations that may be making it harder create jobs and grow the economy. This is why we’re going to pass Geoff Davis’ REINS Act, which requires congressional approval for any new regulation with an economic impact of more than $100 million."

Boehner on How Excessive Government Spending Destroys Jobs:

"Excessive government spending crushes jobs, too. By printing and borrowing all this money, the government is creating uncertainty, and crowding private capital out of the market. Every tax dollar the government takes is a dollar that Americans are unable to invest in their families, their businesses, and our economy. The American people fundamentally get this.  When are the politicians in this town going to figure it out?"

Boehner on Using An Open Process to Make it Easier to Cut Spending, as Outlined in the Pledge to America:

"There’s another nice thing about an open process: it means Democrats can offer their amendments, too. If they’re good ideas, the House can incorporate them. And if they’re bad ideas, the House can defeat them. Either way, both sides will have a chance to make an argument and the best ideas will win. That’s how it should be. I don’t think anyone in this room is afraid of the battle of ideas. I’m not. Our last majority lost its way when it focused more on winning the vote than winning the argument. That’s how things like earmarks became a problem. That’s why spending kept growing. Let me be clear: we will not make the same mistake this time.  Not on my watch."