On Tuesday, the U.S. House of Representatives passed the Cut, Cap, and Balance Act, H.R. 2560, a bill I cosponsored to reduce the deficit by cutting spending in Fiscal Year 2012 by $111 billion, capping future spending at 19.9 percent of gross domestic product, and requiring congressional approval of a balanced budget amendment to the Constitution prior to any agreement to raise the debt limit.  On Monday, the Administration threatened to veto the bill despite having failed to publicly offer a comprehensive proposal to Congress or strike a deal that significantly reduces the long-term deficit and current spending in order to raise the nation's debt limit.