President Obama is threatening to veto a House bill to update the No Child Left Behind education law, The Hill reports. The bill, called the Student Success Act, would “represent a significant step backwards in the effort to help our Nation’s children and their families prepare for their futures,” the White House said in a statement on Wednesday. The administration worries that the bill, authored by Reps. John Kline (R-Minn.) and Todd Rokita (R-Ind.), is too lax on state education standards, neglects students in historically underserved areas and fails to address poorly performing schools…