President Barack Obama threatened today to veto any bills that roll back $1.2 trillion in automatic spending cuts scheduled for 2013 unless Congress agrees to an equivalent, balanced deficit reduction package.
Obama noted that there are already efforts to roll back the automatic spending cuts in Congress but said he will not stand for that.
“My message to them is simple: No,” he said.
“I will veto any effort” to eliminate the automatic cuts without a balanced deal with equivalent deficit reduction, Obama added.
“The only way these spending cuts won’t take place is if Congress gets back to work” and agrees to a balanced package, he said. “There will be no easy offramps.”
Obama also pivoted to his jobs package, in particular his payroll tax cut. Obama said he hopes that lawmakers who are “fighting so hard to protect tax breaks for the wealthy” will agree to prevent a tax increase on the middle class.