(CNN) - One day after President Obama challenged Republicans to offer their own budget proposals if they disagree with his own, House GOP leader John Boehner said his party is in the process of drafting an alternative budget.
"Mr. President, with all due respect: your budget spends too much, taxes too much, and borrows too much, and that's going to do further harm to our economy at a time when it desperately needs our help," Boehner says in a video message posted on YouTube Wednesday. "We believe there's a better way – better solutions to restore some fiscal sanity here in Washington while encouraging more job creation and more investment.
"Our alternative, which is being drafted as we speak by Congressman Paul Ryan of Wisconsin and others, will reflect core principles that should guide us as our nation works to emerge from this crisis stronger than ever."
Boehner also indicated the GOP budget proposal will include lower taxes for families and small business, cuts in federal spending, an expansion of affordable healthcare, and end to federal bailouts.
UPDATE: The Democratic National Committee has released a Web video criticizing Boehner's response.