7/24 @ 11:30 AM ET | Speaker Boehner Press Conference - WATCH LIVE HERE

WASHINGTON, DC - House Speaker John Boehner (R-OH) issued the following statement on the latest long-term budget outlook from the Congressional Budget Office (CBO):

“CBO’s latest report serves as yet another warning that Washington must act now to rein in our massive deficits and debt, which are hurting our economy, costing jobs, and jeopardizing the American Dream for our kids and grandkids. Ten thousand baby boomers are retiring every day, and as CBO notes these deficits and debt are unsustainable. Republicans have demonstrated leadership in tackling this problem, passing a budget that balances over 10 years.  The president and his party should be honest with the American people about the fiscal challenges we face, and demonstrate the courage necessary to work in a bipartisan way to solve our spending problem.”

NOTE:  Last week, Speaker Boehner met with Treasury Secretary Jack Lew.  He reminded Lew that for decades, the White House and the Congress have used the debt limit to find bipartisan solutions on the deficit and the debt.  These types of changes were signed into law by Presidents Reagan, Bush, Clinton, and President Obama himself two years ago.   For more on the CBO report, click here.