Club for Growth to score ‘Cut, Cap and Balance’

The White House also announced its verdict on “Cut, Cap and Balance” on Monday, issuing a veto threat on a measure it called an “empty political statement.”

{mosads}The House is expected to vote on the legislation, which would allow the $14.3 trillion debt ceiling to be raised only after both chambers have passed a balanced-budget amendment, as early as Tuesday. The measure also would cut spending some $111 billion in fiscal 2012 and cap future spending. 

The Treasury Department has said the deadline for raising the debt limit is Aug. 2. 

McConnell and Reid are discussing a plan that would essentially give President Obama the chance to raise the debt ceiling three separate times before the 2012 election, and would perhaps also include spending cuts and a new debt commission.