While the House GOP prepares to vote tomorrow evening on the bill they call the “Cut, Cap and Balance Act,” the White House issued a formal veto threat of the bill.
“If the President were presented this bill for signature, he would veto it,” the office of Management and Budget said in a statement of administration policy.
House Speaker John Boehner, R-Ohio, and House Majority Leader Eric Cantor, R-Va., on Friday announced that this week they would introduce the bill , which aides said would cut total spending by $111 billion, cap total federal spending by creating a “glide path” that caps spending at 22.5 percent of GDP next year, and require that Congress pass and send to states a Balanced Budget Amendment before the president’s request for a $2.4 trillion debt limit increase is granted.
The White House decried the bill as an unbalanced approach to deficit reduction, and “would undercut the Federal Government’s ability to meet its core commitments to seniors, middle-class families and the most vulnerable, while reducing our ability to invest in our future,” while imposing “unrealistic spending caps that could result in significant cuts to education, research and development, and other programs critical to growing our economy and winning the future.”
The White House said the bill would “lead to severe cuts in Medicare and Social Security” and said the Balanced Budget Amendment “will likely leave the Nation unable to meet its core commitment of ensuring dignity in retirement” in the future.
The White House and congressional leaders say that all sides in the deficit reduction negotiations continue to talk, but so far there isn’t any apparent path out of the current morass. Boehner and Cantor met with the President Sunday late morning at the White House as part of negotiations, though nothing was agreed upon.