As the deadline to raise the debt ceiling looms just weeks in the distance, House Republicans are expected to bring a debt-limit plan to the floor Tuesday in what will largely be regarded as a symbolic move.
The so-called "cut, cap and balance" plan has been espoused by Tea Party leaders, but will likely not make it past the Senate, and President Obama has vowed to veto the bill if it makes its way to his desk, the Associated Press reports.
Though Obama maintains that he and congressional leaders are making progress on a compromise, he derided the plan as unnecessarily harsh on some of the country's most beneficial programs. Specifically, it will reduce funding to Social Security, Medicare and Medicaid. It would also require the creation of a constitutional provision mandating annual spending caps and make it so parties need a supermajority to pass tax increases.
"This is a measure designed to . . . duck responsibility, dodge obligations and dismantle, eventually, if signed into law, our social safety net," White House spokesman Jay Carney told reporters.
If it were up to former President Bill Clinton, he would invoke the use of the 14th amendment to raise the debt ceiling without waiting for congressional approval. According to Politico, Clinton said he would not hesitate to use a clause in the amendment that some believe allows the president to take any steps necessary to maintain the credit of the United States. However, Clinton does not think that Obama will have to use it when all is said and one.
"It looks to me like they're going to make an agreement," he told The National Memo, "And that's smart."