Obama officially threatens to veto 'Cut, Cap and Balance'

In a statement of administration policy, the White House Office of Management and Budget labeled the GOP bill as an “empty political statement.”

The House Rules Committee is expected to take up the measure on Monday, and it is likely to receive a floor vote on Tuesday. The measure would cut spending in Fiscal Year 2012 by $111 billion, cap future spending at 18 percent of gross domestic product and approve a balanced budget amendment to the Constitution. It would also raise the debt limit.