The Washington Times - July 18, 2011, 01:37PM

President Obama would veto a proposed House Republican package to raise the nation’s debt limit, balance the budget and cut spending, calling it an “empty political statement” that could hurt seniors and other vulnerable Americans, the White House said Monday.

The administration said the GOP’s “cut, cap and balance” plan would set arbitrary and “unrealistic” spending caps that could lead to significant cuts in Medicare and Social Security, as well as programs relating to education and research and development.

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“The bill would undercut the federal government’s ability to meet its core commitments to seniors, middle-class families and the most vulnerable, while reducing our ability to invest in our future,” said the “statement of administration policy,” a document often drafted as lawmakers consider legislation.

“If the president were presented this bill for signature, he would veto it.”

The House is scheduled on Tuesday to vote for the Republican measure to raise the debt ceiling $2.4 trillion — but only after big and immediate spending cuts and the adoption by Congress of a constitutional amendment requiring a balanced federal budget.

The proposal is expected to pass the GOP-dominated House but die in the Democratic-controlled Senate.

The Treasury Department has warned that the government risks defaulting on some loans unless Congress, by Aug. 2, raises the nation’s $14.29 trillion debt limit — the government’s legal limit on how much money it can borrow to pay for operations and its debt obligations.