“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.”
So… If Congress sends a budget bill to Obama he’ll veto it? And somehow he’ll say it’s the Republican’s fault if the US defaults… and the media will run with it.
‘setting arbitrary spending levels and a balanced budget amendment are not necessary in order to achieve financial stability’? What?!? The levels aren’t arbitrary… they’re based on revenue. Balance budgets? Well… that would help avoid this type of situation in the future. But who wants to do that… that’s sensible.