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House Speaker John Boehner (R-Ohio) abruptly withdrew from debt talks with the White House late Friday, ending renewed hopes for a grand deficit-reduction deal to raise the debt limit.
"I have decided to end discussions with the White House," Boehner said in a letter being sent to the entire GOP House membership.
Republican officials said a week of renewed discussions broke down as the White House insisted on revenues from new taxes.
"In the end, we couldn't connect," Boehner wrote.
With just days remaining to meet an Aug. 2 deadline to avoid a federal default, the speaker is working with Senate leaders to devise a new proposal to be presented to the House and Senate by Monday.
Leaders are starting from scratch on a plan that would allow an increase in the debt ceiling alongside a greater amount of spending cuts as the GOP has wanted.
President Obama was due to address reporters from the White House at 6 p.m. EDT.