Posted by: Schuyler R. Thorpe | July 29, 2011

Republicans Ready ‘Cut, Cap, Balance’ Bill; Obama Threatens Veto

(Looks like the GOP is going to have to try something else–besides their precious “balanced budget amendment” (which would never work in reality anyways)–and get SERIOUS about compromising and negotiating!

Come on you goons! THE CLOCK IS TICKING!)

WASHINGTON (AP) — The Obama administration says President Barack Obama would veto the “cut, cap and balance” plan proposed by tea party-backed House Republicans if it lands on his desk.

In a statement, the Office of Management and Budget says that setting arbitrary spending levels and a balanced budget amendment are not necessary in order to achieve financial stability.

The so-called “cut, cap and balance” plan is favored by some Republican freshmen in the House. It would allow the government to borrow an additional $2.4 trillion, but only after big and immediate spending cuts and adoption by Congress of a constitutional amendment requiring a balanced federal budget.

The plan is sure to stall in the Senate, where majority Democrats say it would lead to decimating budget cuts.

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