President Obama threatened to veto any attempt to eliminate the $1.2 trillion in mandatory spending cuts scheduled to take effect in 2013 now that the super committee has failed.In a terse statement from the White House briefing room, Obama said, “I will veto any effort to get rid of those automatic spending cuts. There will be no easy off ramps on this one.”He added that he will also push Congress to extend the payroll tax cut into 2012, warning that if lawmakers fail to act “taxes for every American will go up next year.”He added: “I’m not about to let that happen.”

via Obama Says He Will Veto Any Attempt To Eliminate Automatic Spending Cuts After Super Committee Fails.