Presidential Veto Will Not Fix Our Economic Woes

Statement

President Obama on Monday threatened to veto the Cut, Cap, and Balance Act, which is the GOP House plan to solve our country's debt crisis. Friday, Rep. David B. McKinley, P.E. (R-WV) signed on to co-sponsor the Cut, Cap, and Balance Act of 2011 which would make an immediate, real cut of $111 billion in federal spending, place a cap on future spending at 19.9% of the Gross Domestic Product, and require the passage of a Balanced Budget Amendment before raising the nation's debt limit. The bill makes no cuts or changes to veterans' benefits, Social Security or Medicare.

After news of the president's plan to veto Cut, Cap, and Balance should it reach his desk, Rep. McKinley issued the following statement:

"Despite the efforts by House Republicans, President Obama continues to call for the status quo while disregarding legislation that is a clear and responsible vision for solving our debt limit crisis. The president said last week that "[w]e don't need a constitutional amendment to do our jobs.' If that were true, the unemployment rate would not be steady at 9 percent with our nation's debt at a staggering $14 trillion. Sound bites and vetoes from the president may be a boon to his re-elect campaign, but they do nothing to solve the problem.

"House Republicans are making the tough decisions to right our fiscal ship and ensure future generations do not suffer from the reckless decisions of the past. It is irresponsible of the president to continue to offer zero solutions and no specific plans while threatening to veto every viable offer."

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