Obama threatens to veto GOP debt measure 

President Obama has threatened to veto the "cut, cap and balance" legislation that Republican lawmakers argue must accompany a vote to raise the federal debt ceiling. 

White House budget officials on Monday called the legislation, which is not expected to gather the two-thirds majority needed for passage, an "empty political statement."

"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," the White House budget office wrote in a statement of administrative policy. "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."

At the conclusion of the statement, an underlined sentence reads, "If the President were presented this bill for signature, he would veto it."

The GOP measure would cut fiscal 2012 spending by $111 billion and cap future spending at 19.9 percent of gross domestic product. 

White House Press Secretary Jay Carney called the measure "classic Washington posturing" and "Kabuki theater," and said it is aimed to "duck, dodge and dismantle" social security. 

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