ABC News’ Mary Bruce (@marykbruce) Reports:
Following the president’s veto threat this morning, senior White House officials launched a full-on assault against the Republican “Cut, Cap and Balance Act” this afternoon, describing it as “extreme, radical, and unprecedented.”
On a conference call with reporters this afternoon, White House Communications Director Dan Pfeiffer said the legislation “essentially enshrines into the constitution the Ryan plan on steroids.”
“Unless House Republicans are willing to raise revenues, significant revenues, something they have refused to do, it would require much deeper spending cuts than in the Ryan plan. This would result in even more devastating cuts to clean energy, education and health care for children and people with disabilities,” Pfeiffer said.
In addition to cutting spending in fiscal 2012 by $111 billion and capping future spending at 19.9 percent of GDP, the bill would require that a Balanced Budget Amendment be approved by Congress and sent to the states in order for the debt ceiling to be increased.
“This is equivalent to holding the debt limit hostage,” Deputy Director of the National Economic Council Jason Furman said on the call.
Pfeiffer reiterated that the president believes compromise, not a constitutional amendment, is needed to get the nation’s fiscal house in order.