Breaking News Update the Federal budget has been cancelled. TEXT VIDEO

It's Funny Because It's True.

FULL TEXT TRANSCRIPT:

VIDEO: OBAMA IN JANUARY 2010

OBAMA: Like any cash strapped family, we will work within a budget to invest in what we need, and sacrifice what we don’t. And if I have to enforce this discipline by veto, I will.

TEXT ON SCREEN: BREAKING NEWS ALERT
We interrupt Washington’s regularly scheduled promise-making to bring you this important breaking news update.

REPORTER:

Good afternoon. We've just received word that the Federal budget has been cancelled.

Are you sure? Cancelled???

Yes, it's confirmed: the House of Representatives budget for fiscal year 2011 has been cancelled.

The cause we’re told is Washington Democrats’ out-of-control spending spree.

So we're here outside the Capitol right now awaiting word from those Washington Democrats, presumably an apology for the betrayal of hard-working American taxpayers.

We're trying to get a sense of the fallout from this decision.

But bear with us; nothing like this has ever happened before in the modern era.

Ah, here, here we go -- This budget failure means:

MORE wasteful Washington spending

MORE wasteful Washington spending paid for by borrowing from our kids and grandkids

MORE wasteful Washington spending paid for by borrowing from our kids and grandkids AND raising taxes on middle-class families

This budget failure also means

NO plan to create jobs.

NO plan to create small business jobs

NO leadership on the economy

NO leadership, period.

A staggering list. Alright…

Well again, we’re awaiting an apology from Washington Democrats, but for now, stay tuned for a word from our sponsor.

This broadcast has been brought to you by House Republicans, who have better solutions to cut spending now and make Washington DC live within our means. Making the tough choices, just like every small business, family, and family farm does every day.

To learn more, visit GOP.GOV.

Note: This video is based on a document from Republican Leader John Boehner available here. ###

Contact Matt Lloyd or Mary Vought at (202) 226-9000 or matt.lloyd@mail.house.gov>