The Hill – President Obama warned on Monday that he will veto GOP legislation to “cut, cap and balance” spending and the budget. In a statement of administration policy, the White House Office of Management and Budget labeled the GOP bill as an “empty political statement.”

The measure is expected for get a floor vote on Tuesday. The measure would cut spending in fiscal 2012 by $111 billion, cap future spending at 19.9 percent of gross domestic product and allow for the debt ceiling to be increased if a balanced-budget amendment is approved by Congress and sent to the states.

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