WASHINGTON — The US House of Representatives Tuesday passed the Republican “Cut, Cap, and Balance” bill in a 234-190 vote, FOX News Channel reported.
Despite its passage by the House, the vote was seen as largely symbolic as it has next to no chance of passing the Democrat-controlled Senate. In addition, President Barack Obama signaled his opposition to the legislation with a veto threat Monday.
The bill would cut 2012 fiscal spending by $111 billion and cap future spending at 19.9 percent of the country’s gross domestic product by 2021. It also includes a balanced budget amendment requiring a two-thirds majority in both chambers for any future tax increases as a condition for raising the nation’s debt ceiling by $2.4 trillion.