House Speaker John Boehner (R-OH) told NBC's Matt Lauer Tuesday that tax hikes were "off the table" in negotiations with Democrats over raising the debt ceiling.

In a speech to Wall Street Monday, the Speaker insisted on trillions in spending cuts in exchange for raising the nation's borrowing limit.

"Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase," he said. "And the cuts should be greater than the accompanying increase in debt authority the president is given. We should be talking about cuts of trillions, not just billions."

Watch this video from NBC's Today Show, broadcast May 10, 2011.

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