Submitted by Fox First at Ten on February 28th
By JIM KUHNHENNAssociated Press
WASHINGTON (AP) - The White House is threatening a presidential veto of a Senate Republican measure that would give President Barack Obama more authority and flexibility to find $85 billion in spending cuts this year. The measure is intended to replace the automatic across-the-board cuts scheduled to kick in Friday.
The White House says it instead backs a Democratic measure to replace the cuts with tax hikes on millionaires and spending reductions over 10 years.
Neither bill is likely to survive Senate procedural obstacles Thursday.
The White House says there is no way to cut $85 billion over the remaining seven months of the fiscal year without "drastically affecting national security and economic policies." A statement by the White House budget office says Obama's advisers would strongly recommend he veto the Republican proposal.
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