* 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 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
"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