President Obama stopped talking to Congressional Leaders about the deficit for now and instead spoke to reporters Friday about how a compromise needs to be made, and soon on America's debt.

FOX News Radio White House Correspondent Mike Majchrowitz reports from the West Wing:

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Before the President's news conference Friday, GOP Leaders in Congress took their case to reporters.

FOX News Radio's Jared Halpern reports from Washington:

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Read Speaker Boehner's response to President Obama's press conference HERE: Released July 15, 2011

House Speaker John Boehner (R-OH) today issued the following statement following President Obama's press conference regarding his request for an increase in the debt limit:

"President Obama has been talking tough about cutting spending, but his deeds aren't matching his words.  Consider all of the government boondoggles he has refused to put on the table for cuts: ObamaCare; the so-called 'green jobs' initiative; high-speed rail; and a vast array of other pet projects that are unnecessarily costing taxpayers hundreds of billions of dollars.  While Republicans have focused on the big problems we face, this White House has focused on protecting the status quo. The same holds true for entitlement spending, where the White House has been talking in terms of nickels and dimes at a time when trillions of dollars in serious reforms are needed to preserve the programs and put them on a sustainable path. 

"As Moody's and Standard & Poor's have signaled this week, our nation's economy is literally begging forWashingtonto take meaningful action to cut spending and reduce the deficit.  It is absurd and self-destructive to continue dumping taxpayer money into a 'stimulus' philosophy that has consistently failed to support private-sector job creation in our country.  The White House must step up and embrace real spending reforms and cuts that will show job creatorsAmericais finally serious about addressing the debt.  Democrats and Republicans must lock arms together in the days ahead and real action to stop the spending binge that has put our nation in economic jeopardy."

NOTE: Earlier this morning (Friday morning), Speaker Boehner and other House Republicans held a press conference in advance of President Obama's remarks to announce plans for a House vote next week on "cut, cap, and balance" legislation to address the debt crisis.  Debt reduction is one of the key elements of the House Republican plan to remove government barriers to private-sector job growth.  The House Republicans jobs plan can be seen at Jobs.GOP.gov