Obama officially threatens to veto Republicans’ ‘cut, cap and balance’ bill
The White House on Monday warned President Obama will veto GOP legislation to “cut, cap and balance” spending and the budget.
In a statement of administration policy, the White House Office of Management and Budget labeled the GOP bill as an “empty political statement.”
The House Rules Committee is expected to take up the measure Monday, and it is likely to receive a floor vote on Tuesday. The measure would cut spending in fiscal 2012 by $111 billion, cap future spending at 19.9 percent of gross domestic product and allow for the debt ceiling to be increased if a balanced-budget amendment is approved by Congress and sent to the states.
The administration said the measure, which is not expected to move through the Senate, is unnecessary and unrealistic.