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The warning marks a major setback to House and Senate
negotiators who were trying to reach a deal on so-called "tax
extender" breaks worth some $440 billion over 10 years.
"The President would veto the proposed deal because it would
provide permanent tax breaks to help well-connected corporations
while neglecting working families," White House spokeswoman
Jennifer Friedman said in a statement.
Senate Democratic leader Harry Reid is trying to work out the
best possible deal before Republicans take control of the Senate
next year. The plan nearing completion would have made permanent
research and development tax credits and other breaks for
businesses while leaving out a permanent expansion of earned
income and child tax credits for the working poor.
Treasury Secretary Jack Lew also criticized the deal, saying on
Monday that "(making) permanent expiring business provisions
without addressing tax credits for working families is the wrong
approach."
A spokesman for Reid declined to comment on Obama's veto threat.
(Reporting By David Lawder; Editing by Richard Chang)
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