House Speaker John Boehner (R-Ohio) after a meeting with Secretary of the Treasury Timothy Geithner on Thursday warned that the U.S. is in “real danger” of going over the “fiscal cliff,” a combination of tax increases and spending cuts that will go into effect next year unless Congress comes up with a budget deal.

Boehner called the current budget deal “way out of balance” and challenged Democrats to publicly state which cuts they’d support.

“Revenue is only on the table if there are serious spending cuts that are part of this agreement,” said Rep. Boehner.

The Speaker added that he is “disappointed” in the lack of progress being made and said that it’s time for the White House to “get serious.”

“No substantive progress has been made between the White House and the House in the last two weeks,” he said.

Watch Speaker Boehner’s remarks:

Markets initially fell on Rep. Boehner’s comments, but are slowly recovering:

House Speaker John Boehner Starting to Worry About Fiscal Cliff NegotiationsThe Dow Jones Industrial Average as of 2:05 p.m. ET

House Speaker John Boehner Starting to Worry About Fiscal Cliff NegotiationsNASDAQ Composite as of 2:05 p.m. ET

House Speaker John Boehner Starting to Worry About Fiscal Cliff NegotiationsS&P 500 as of 2:05 p.m. ET

UPDATE — Senate Majority Leader Harry Reid (D-Nev.) on Thursday responded to Speaker Boehner:

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(H/T: Ace). Featured image courtesy Getty Images. This post has been updated.