GOP Leaders React to Obama's Speech

HOUSE MINORITY LEADER JOHN BOEHNER (R-OHIO): Well, good afternoon, everyone.

President-elect Obama once again today highlighted the very real problems that American families and small businesses are having. Earlier this week, Senator McConnell and I had the opportunity to meet with President-elect Obama and expressed our willingness to work with him to address these very real problems.

He did agree that tax relief for small businesses and families will be a major part of the package that he sends to us. And he also made clear that he does expect that the kind of transparency and accountability that's necessary to put together -- this package together is important if we're going to convince the American people that -- that this package is necessary and will help solve the problems that they face.

As you all know, yesterday, the Congressional Budget Office announced the deficit for this fiscal year at $1.2 trillion. That does not include any money that will be spent on this economic rescue package. It does not include money for the war supplemental for this year or any other types of emergency spending.

And I think it's -- it's very important as we go ahead that we find the right balance. Yes, our economy needs help. But at the end of the day, how -- how much debt are we going to pile on future generations?

And so striking that right balance I think is -- is critical to the success of -- of this package and these -- this negotiation. I believe that Senator McConnell and I will continue to work with the president-elect to try to get a package that will help resolve the problems that the American people are facing.