President Obama: 'We have run out of time' to resolve debt ceiling crisis

News outlets covered the breakdown of debt-ceiling talks between House Speaker John Boehner and President Barack Obama.

CBS News: John Boehner Walks Away From Debt Talks 
"In the end, we couldn't connect. Not because of different personalities, but because of different visions for our country," Boehner said in a letter to colleagues. He said Mr. Obama "is emphatic that taxes have to be raised" and "adamant that we cannot make fundamental changes to our entitlement programs." ... Boehner and the president have been seeking a "grand bargain" of perhaps $4 trillion in deficit reduction, but have faced stiff resistance from lawmakers in both parties (Montopoli, 7/22).

National Journal: Boehner Ends Talks With White House on Debt Deal 
Boehner blamed Obama's demand for higher taxes and opposition to "fundamental changes" to entitlement programs such as Medicare, Medicaid and Social Security (Garrett, 7/22). 

Politico: Debt Talks Break Down
"The deal was never reached, and was never really close," the speaker wrote in a letter to House members released at 6.p.m—after the financial markets had closed. ... At the same time Republicans released their letter Friday evening, Obama walked into the White House briefing room to declare that Boehner had walked away from "an extraordinary deal." Despite Boehner's disclaimer, the outlines of a $3 trillion plus deficit reduction package had been in place including what would have been substantial savings in Medicare and more than $1 trillion from appropriations over the next decade (Rogers, 7/22).

Reuters: Boehner Breaks Off Debt Limit Talks With Obama
Boehner's surprise announcement came a day after reports he and Obama were nearing a 10-year deal on $3 trillion in cuts that riled the president's fellow Democrats. They complained that it included no guarantees of additional tax revenues and would likely force benefits cuts in popular entitlement programs such as Social Security and Medicare (7/22).

The Hill: Boehner Cuts Off Debt Talks With Obama
House Republican leaders ... will begin exclusive talks with Senate leaders to avert a government default on Aug. 2, Speaker John Boehner (R-Ohio) announced Friday (Berman, 7/22).