Source:
Daily KoSThe Administration strongly opposes H.R. 2560, the “Cut, Cap and Balance Act of 2011.” Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility. Increasing the Federal debt limit, which is needed to avoid a Federal government default on its obligations and a severe blow to the economy, should not be conditioned on taking these actions. Instead of pursuing an empty political statement and unrealistic policy goals, it is necessary to move beyond politics as usual and find bipartisan common ground.
The bill 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. H. R. 2560 would set 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. It could also lead to severe cuts in Medicare and Social Security, which are growing to accommodate the retirement of the baby boomers, and put at risk the retirement security for tens of millions of Americans. Furthermore, H. R. 2560 could require even deeper cuts, since it conditions an increase in the Federal debt limit on Congressional passage of a Balanced Budget Amendment. H. R. 2560 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.
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If the President were presented this bill for signature, he would veto it.Read more:
http://www.dailykos.com/story/2011/07/18/995842/-White-House-threatens-veto-of-Republican-plan-linking-balanced-budget-amendment-to-debt-limit
It is amazing that all the news stories discussing President Obama's veto threat fail to mention the fact that the proposed Balanced Budget Amendment would require severe cuts to Medicare and Social Security. Here is the text of President Obama's veto threat,
yet the corporate media fails to note the highlighted portion regarding Medicare and Social Security. Coincidence?