Lawmakers Continue To Wrangle Over Debt Limit

The Obama administration Monday threatened to veto a Republican bill that would sharply reduce federal spending, both now and in the future. The Republican-controlled House is expected to vote on the measure Tuesday. Lawmakers and the president are also wrangling over how to increase the federal debt limit, so the government can keep paying its bills. President Obama met privately Sunday with the top House Republicans John Boehner and Eric Cantor.