Obama Could Veto Just Approved $61bn House Spending Cut Vote

WASHINGTON—Early this Saturday morning, the United States House of Representatives voted 235 to 189 in favor of trimming $61-billion in federal spending costs off of the $1.2-trillion federal budget for fiscal 2011.

The Republican controlled House vowed to cut spending in a bid to avoid any future tax hike, even adding new limitations to the access of money that would have been earmarked to support Obama’s health-care reform plan.

Democrats will not accept the spending concessions, and as an early March spending deadline looms, the government could be shut out if lawmakers don’t reach a consensus on spending.

A government shut down would mean various non-essential government services would come to a halt, including both military and social security check distributions, among other key services.

The Obama administration faces intensifying opposition to newly proposed reform, including American health-care reform, and will continue to face challenges as the House is now controlled by Republicans after a defeating primary.

Obama’s health care reform adds coverage for about 32-million additional American’s, and blocks insurance companies from refusing coverage to people based on pre-existing conditions.

That bill was passed when the House had Democrat majority.

Days ago, newly elected Republican Speaker of the House, John Boehner, said, “Read my lips: We’re going to cut spending,” during a press event, mimicking the same words used by former U.S. President Bush senior during his campaign run, which later saw an increase in the effective tax rate.

Under the revised Republican national budget proposal, there would be cuts to various programs and services to curb costs, including up to a 20-percent reduction in the Peace Corps budget, among concessions to education programs, a substantial decrease in energy credits, lost jobs, among other concessions.

The bill could become law as it is set to reach the Senate floor.

The Obama administration has publically threatened to veto any bill that would see concessions to earmarked funds that would lower spending from current levels.


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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to peggy@business2press.com
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  • Bobblehead

    He’s going to veto cutting 61b out of his 1.4t deficit? Do you think he ever balanced his own checkbook?

  • Zane

    When you are dealt a shitty hand in black jack you still have to play.

  • Anonymous

    Not having insurance would just be completely crazy. I am an accountant and in my local area Wise Health Insurance is the best health insurance finder I ever had. Yes my insurance does cover dental and eye insurance which is a big help to my life.

  • Dan

    But you don’t have to double down.

  • John-democrat

    why do we HAVE to cut spending? do u understand the economy is bad enough and the fact that people would lose their jobs is good enough a reason not to cut?

    America’s health care system is horrible (but we’re still the most advanced country when it comes to health care technology)…Obama’s health care reform is welcomed, think of how immoral the current system is which denies coverage to sick people who don’t have insurance.

    if u don’t support the new health care reform, you are an immoral person as well.

  • Chris

    “The Obama administration has publically threated to veto” … Isn’t it “threatened”?

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