Obama Will Veto GOP Spending Cuts

The White House announced on Wednesday that President Obama will use his veto pen to reject a Republican budget plan that will be voted on by the Senate later today.

An official statement of administration policy made it clear that Obama would like House and Senate leaders to negotiate a budget plan that cuts less than the $61 billion proposed in the GOP bill.

“If the President is presented with a bill that undermines critical priorities or national security through funding levels or restrictions, contains earmarks, or curtails the drivers of long-term economic growth and job creation while continuing to burden future generations with deficits, the President will veto the bill,” read part of the statement.

The statement urged lawmakers to pass a plan put forth by Senate Majority Leader Harry Reid (D-Nev.) that would reduce current spending levels by $6.5 billion.

“The amendment is a fair compromise and, unlike H.R. 1, does not undermine the Nation’s economic recovery and long-term growth.”

Democrats say that their plan, coupled with a short-term resolution that Congress passed last week, cuts spending by a little over $10 billion in total. Nonetheless, Reid and other leaders admitted yesterday that both bills will likely fail when the Senate votes on them today.

As a result, Republican leaders in the House are reportedly preparing to pass another temporary funding measure in the event that neither party can agree on a long-term budget by next Friday, when current funding expires.