President Obama would veto a Republican spending bill that would cut funding for the IRS and financial agencies, as well as overhaul the Consumer Financial Protection Bureau, the White House said Tuesday.
The Office of Management and Budget issued the veto threat for the House financial services appropriations bill Tuesday evening as it worked its way toward the House floor.
The bill would "exacerbate the damaging reductions inflicted on the IRS since 2010, and irresponsibly cut funding for the agencies charged with implementing Wall Street reform," the White House warned.
It also decried the "problematic ideological" riders attached to the spending bill, including the changes to the consumer bureau that would bring the agency further within Congress' oversight.
The bill would cut $236 million from the IRS's current funding, down to $11 billion for fiscal 2017. Republicans have sought to rein in the agency because of the agency's targeting of conservative groups, while the White House warned that the cuts would harm tax collection.
Also attached to the spending bill were a range of "riders," or policy changes, opposed by the Obama administration.
The appropriations bill, advanced without the House passing a broader budget blueprint, is one of several ways the government could be funded by next year. Another possibility, if the appropriations process breaks down because of vetoes, would be for a year-end omnibus spending bill.
The Senate version of the financial services appropriations bill advanced from committee last week with the support of Democrats because it did not include any controversial riders.