Fine. Don’t sign it. Don’t mail out granny’s SS check. Go play a few rounds of golf. Have some ice cream. Hold your breath and stomp your feet like a little spoilt two year old. But do NOT dare threaten We, the People to call your bluff.
Obama issues veto threat against House GOP debt plan
The White House on Monday issued a veto threat against the House Republican plan for balancing the budget and raising the debt ceiling, saying the plan is “inconsistent with [a] responsible framework to restore fiscal responsibility.”
The GOP “cut, cap and balance” plan “sets out a false and unacceptable choice between the federal government defaulting on its obligations now or, alternatively, passing a balanced budget amendment that, in the years ahead, will likely leave the nation unable to meet its core commitment of ensuring dignity in retirement,” the White House said in a statement.
The statement reiterates the argument President Obama made during a press conference on Friday, when he dismissed the GOP plan as empty politicking with unrealistic policy goals.
With talks stalled over a plan to raise the debt ceiling, the House is set to vote on the “cut, cap and balance” plan on Tuesday. Washington leaders just two weeks to reach a deal before August 2, when the Obama administration says the U.S. would be “running on fumes” without an increase in the $14.3 trillion debt ceiling. The U.S. could risk defaulting on its loans or failing to meet its other financial obligations, which could significantly disrupt the U.S. and world economy, they say.
The House “cut, cap and balance”plan makes raising the debt ceiling contingent on a balanced budget amendment. It would also cap government spending at 18 percent of economic output over the next 10 years.
http://www.cbsnews.com/8301-503544_162-20080378-503544.html