The White House said Tuesday it will veto a payroll tax cut extension being prepared by House Republicans, with President Obama insisting the bill also must raise taxes on the wealthy rather than cut government spending.

In a statement of policy, the White House said the bill, which the House will vote on later Tuesday, is a Republican effort at politics rather than a compromise deal.

"This debate should not be about scoring political points. This debate should be about cutting taxes for the middle class," the statement said...