The Republican Party’s “Cut, Cap and Balance” bill — which seeks to end the debt ceiling debate — was recently passed by the House by a vote of 234-190.
President Barack Obama had threatened to veto the legislation, but that didn’t stop the lower house of Congress from passing the bill, which imposes a limit on Federal spending as a percentage of gross domestic product, according to Fox News. The bill would also allow the debt ceiling to be raised $2.4 trillion if the House and Senate approve a balanced budget amendment to the Constitution.
House Speaker John Boehner (R-Ohio) said that the passage of the bill showed that the House was serious about solving the country’s financial woes.
“And while the House once again acts responsibly, the Administration still won’t present a plan or even say what cuts it’s willing to make to end Washington’s spending binge and the economic uncertainty that it’s creating,” he said in a statement. “This unfortunate veto threat should make clear that the issue is not congressional inaction, but rather the President’s unwillingness to cut spending and restrain the future growth of our government.”
Prominent Republicans and GOP Presidential nomination seekers Representatives Michele Bachmann (R-Minn.) and Ron Paul (R-Texas) both voted against the bill.