President Barack Obama said Friday that time for negotiations had ended after House Speaker John Boehner broke off talks on reaching a deal to raise the federal debt limit and handle the United States' long term debts and deficits.

We have now run out of time, Obama told reporters at the White House.

One of the questions that the Republican Party is going to ask themselves is: Can they say yes toanything?

Obama said it was hard to understand why Speaker Boehner would walk away from this kind of deal.

Boehner said Obama had insisted on raising taxes.

He added that he would begin talks with Senate leaders in order to find a path forward.

Obama's Treasury Secretary Timothy Geithner has previously warned Congress that if the U.S. Congress does not authorize a debt limit increase by August 2, the U.S. would have to default on certain obligations.