"We're not talking about billions here, we should be talking about cuts in trillions if we're serious about addressing America's fiscal problems," Mr. Boehner said on Monday.

The finance industry is hoping Congress will sign off on a further debt limit increase to avoid a default on US debt payments.

Treasury Secretary Timothy Geithner said the US will reach its debt ceiling on 16 May, adding that the effects of a default could be "catastrophic" for the global economy.

In April, the Democratic-led Senate rejected a 2012 budget plan, introduced by Republican Paul Ryan, aimed at cutting $6.2 trillion over the next decade through reductions in health care and social programmes.

Mr. Obama said last month that a compromise with Republicans on spending cuts would be needed to raise the US debt ceiling and avoid a crisis.

source : bbcnews