Senate Majority Leader Harry Reid warned Tuesday that Republicans' deficit-reduction bill is "dead on arrival" in his chamber, as the Obama administration issued a formal veto threat and pushed lawmakers to reach a "compromise." White House officials appeared to hold back earlier Tuesday when asked whether President Obama would veto the GOP bill, which could be voted on in the House as early as Wednesday. But the administration issued what's known as a "statement of administration policy" Tuesday afternoon saying the president's advisers "would recommend that he veto this bill" should it clear Congress.