Rep. Joe Walsh (R-Ill.) took to Twitter to criticize a veto threat by the White House on the Republicans’ proposed "Cut, Cap, and Balance" amendment.

"White House just issued veto threat for #CutCapBalance saying it's 'unnecessary' to cap spending or enact a #BBA. #YouMustBeKidding," Walsh tweeted on Monday, shortly after the Office of Budget and Management released a statement on behalf of the White House threatening to veto the "Cut, Cap and Balance" bill.

The bill would raise the debt ceiling, cut federal spending by $111 billion in the 2012 fiscal year and cap spending in the future at 18 percent of the country's gross domestic product. It would accompany a balanced-budget amendment to the Constitution that makes it more difficult to raise the debt ceiling.

The bill is considered symbolic by many, since it's likely to pass the House before being defeated in the Senate.

"Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility," the OMB statement reads. "Increasing the federal debt limit, which is needed to avoid a federal government default on its obligations and a severe blow to the economy, should not be conditioned on taking these actions."

OMB also calls the bill an "empty political statement.”

"Instead of pursuing an empty political statement and unrealistic policy goals, it is necessary to move beyond politics as usual and find bipartisan common ground," the OMB said.