John Boehner is scheduled to begin a press briefing at 7:15 ET. We'll post video as soon as it's available and post updates below.
To recap (here and here), Boehner pulled out of budget deal negotiations late this afternoon. President Obama just held a news briefing in the White House where he spoke of the "big deal" in the past tense, and said Congress must at a minimum now pass an extension of the debt limit that lasts through the 2012 election. Obama, in his news conference, said he had summoned leaders from both chambers and parties to the White House for an 11:00 AM ET meeting to discuss how they plan to raise the debt limit.
Intriguing side note: according to a Democratic source speaking to Sam Stein, Boehner initially briefed the media about his withdrawal before he told President Obama. Whether or not that is true should be easy for the media to figure out—just look at the timelines. I wonder if it'll come up in the briefing.
4:17 PM PT: "I want to be entirely clear. No one wants to default on the full faith and credit of the United States Government [...] starting tonight I'll be working with colleagues on both sides of the aisle in the House and Senate."
4:17 PM PT: Boehner says he insists on spending cuts that are greater than the amount of the debt limit increase.
4:18 PM PT: Video:
4:19 PM PT: Boehner accuses Obama have having "moved the goal posts." Claims that they had previous had an agreement but that President Obama suddenly demanded $400 billion in additional revenue in a meeting yesterday. Of course, this is the same Boehner who has been telling everybody under the sun that there wasn't an agreement in place. So he was lying then or he's lying now. Or, perhaps, both.
4:19 PM PT: Boehner claims "The American people will not tolerate a clean increase in the debt limit."
4:20 PM PT: Boehner reiterates his ransom note: No taxes. Spending cuts greater than debt limit increase. And spending reforms.
4:22 PM PT: First question: How can you say President Obama was not serious on cuts when he offered $3 trillion in cuts. Boehner sputters around a bit saying that of course he was serious because he passed "Cut Cap and Balance." He then says "dealing with the White House is like dealing with a bowl of Jell-o, but I won't engage in partisan sniping."
4:23 PM PT: Boehner is asked if he refused to take Obama's phone call earlier today. Boehner won't answer, but says "I don't believe our relationship is permanently damaged."
4:24 PM PT: Says "I do trust him [Obama] as a negotiator." (Contradicting the point he made in the first 4:19 PM PT update.)
4:25 PM PT: It's hard to hear some of the questions reporters are asking. White House has a better briefing room. Apparently question is about where the $400 billion tax increases would have been. Answer: on the wealthy. ($400 billion would be about half the revenue you'd get form expiring the Bush tax cuts for the wealthy, so that $400 billion number represents a major compromise.)
4:26 PM PT: Finally something he agrees with Obama on! There should not be a short-term increase in the debt-limit.
4:27 PM PT: Asked what the path forward is, Boehner has no answer other than that he's going to work with his Congressional colleagues to find a path forward. He then abruptly left the podium. I guess he was afraid he was going to start crying.
4:27 PM PT: Holy crap that was a short press conference! Ten or eleven minutes at most! Obama spoke for a half-hour. Boehner for one-third of that time. Guess who feels more comfortable with their political position?
4:28 PM PT: Maybe he didn't leave so quickly because he was afraid of crying. Maybe he was worried the bourbon he'd been drinking would give him hiccups.
4:30 PM PT: For those of you keeping score at home: In the post-"big deal" world, President Obama and the Democratic Party 1, John Boehner and the Republican Party 0.