Any increase in the U.S. public debt limit must be accompanied by spending cuts and reforms larger than the amount of the debt limit hike, U.S. House Speaker John Boehner said here on Tuesday.

While addressing the 2012 fiscal summit of the Peter G. Peterson Foundation, Boehner stressed that upcoming bipartisan discussion of raising the debt limit, the legal ceiling on borrowings of the federal government, was an opportunity to make needed changes that would help to put the nation back on a path to prosperity and economic growth.

The top Republican congressman criticized U.S. President Barack Obama's job creation and fiscal records, saying that the U.S. economy struggled to create jobs and the nation has lost its gold- plated triple-A credit rating for the first time in its history.

"Our economy is stuck in large part because it's stuck with debt," said Boehner, adding that failing to plan was planning to fail.

To solve U.S. fiscal problem the nation needed real economic growth through lower tax rates, less regulations and spending cuts, Boehner contended.

He proposed to reform the nation's tax system by reducing tax rates and cleaning out the underbrush in the tax system.

At the end of this year, the United States will be confronted with important fiscal decisions including the expiration of the 2001 and 2003 Bush tax cuts as well as the need to raise the public debt limit again, which has been referred to as a "fiscal cliff."