The White House announced that if the "Cut, Cap and Balance" bill sponsored by House Republicans were to be passed by Congress, President Barack Obama would veto the legislation. The bill, which proposes spending level guidelines, raising the debt ceiling by $2.4 trillion, and a constitutional amendment to balance the budget, seemed unlikely to make it through Congress due to resistance in the Senate. Last week, Bloomberg noted that the bill was merely a way for "Republicans to put their stance on the record while offering no immediate resolution to talks in Washington." The White House echoes that sentiment in their statement today, excerpted below:

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....

If the President were presented this bill for signature, he would veto it.