UPDATE 1-Republican leader vows to repeal US health reform

Tue Nov 2, 2010 9:57pm EDT

* Cantor says health law threatens to bankrupt the country

* Says GOP-led House to seek to cut spending to '08 levels (Adds quote on healthcare law, background)

WASHINGTON Nov 2 (Reuters) - U.S. Representative Eric Cantor, who is likely to become majority leader in the new Republican-led House of Representatives, vowed on Tuesday to repeal healthcare reform and cut federal spending.

"We will repeal the trillion-dollar health care bill that threatens to bankrupt ... this country," he said, according to prepared remarks.

"We will get to work right away to reduce the deficit by cutting federal spending next year down to 2008 levels. That will save $100 billion in the first year alone," he said.

Healthcare reform was a major legislative victory for President Barack Obama, a Democrat.

Republicans will win enough seats to take control of the House of Representatives, television networks projected.

Cantor's remarks signaled his party's priorities once it takes over power in the legislative body, but it is unlikely they would succeed in efforts to overturn the healthcare law in the face of a presidential veto from Obama. (Reporting by Ross Colvin and Jeff Mason; Editing by Tim Dobbyn)