WATCH: No More Borrowing Without Trillions In Cuts, Says Boehner

House Speaker John Boehner (R-Ohio) issued his terms Monday night for raising the nation’s debt ceiling.

In a speech to the Economic Club of New York, Boehner said that Republicans will not vote to increase the government’s borrowing limit unless significant spending reforms are attached.

“Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase,” he said.

Boehner also raised the stakes for his party, pledging to push for trillions in reductions that could be difficult to reach.

“The cuts should be greater than the accompanying increase in debt authority the president is given.”

The Treasury has estimated that the current limit of just over $14.3 trillion should be increased by nearly $2 trillion more. Treasury Secretary Tim Geithner has warned Congress that it must hold a vote by August 2, or risk the possibility that the government could default on its obligations. Democrats have warned that failure to raise the limit would have catastrophic impacts on the country’s economy and credit rating.