In an interview with Fox Business’ Gerri Willis, Speaker John Boehner highlighted today’s vote on legislation to replace automatic defense cuts with common-sense spending reductions and reforms. The nonpartisan Congressional Budget Office (CBO) says the House bill reduces the deficit by an additional $242.8 billion beyond the Budget Control Act while protecting our troops from arbitrary cuts.

Boehner said funding for the Department of Defense will already be cut by $487 billion under the Budget Control Act, and further cuts would be “unacceptable.” “Even the White House knows it is unacceptable,” he said. In fact, the Obama administration says they would “hollow out” and inflict serious damage on our armed forces.

The Republican bill stops these defense cuts by shutting down a Dodd-Frank bailout fund, eliminating fraud and abuse in the taxpayer-funded food stamp program, and more.

Under the House plan, “anyone who qualifies for the food stamp program will continue to get their benefits,” said Boehner. The House bill simply stops “abuse of the process” by shutting off government benefits for “people who won lottery jackpots” and millionaires, which will save taxpayers billions.

So far, Democrats haven’t outlined a plan of their own to cut spending and protect America’s troops. “[W]here's the president's plan?” Boehner asked. “He knows it is unacceptable. Why isn't he leading? … It is easy for [Democrats] to criticize what we're doing, but where would they make the reductions?”

Watch the full interview here.