The White House on Monday warned President Obama will veto GOP legislation to “cut, cap and balance” spending and the budget.
The House Rules Committee was 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.
Republicans are rallying around the “cut, cap and balance” measure as their answer to the debt talks as negotiations between the administration and congressional leaders have stalled. Speaker John Boehner (R-Ohio) said he was disappointed at Obama’s veto threat and that the House vote would go forward Tuesday as scheduled.
“It’s disappointing the White House would reject this common-sense plan to rein in the debt and deficits that are hurting job creation in America,” Boehner said in a statement. “While American families have to set priorities and balance their books, this White House obviously isn’t serious about making the same tough choices.