Sen. Rand Paul (R-Ky.), one of the bill's co-sponsors, said the bill was put forward in light of the Senate's inability to move President Obama's jobs plan forward.
Among other things, the bill includes a sense of the Senate that Congress should approve a balanced-budget amendment to the Constitution. It also creates enhanced rescission authority, making it easier to collect unused federal money.
The bill would cut small-business and corporate taxes, and includes withholding tax relief. It also includes several sections that would ease federal regulations, including by repealing the healthcare and Dodd-Frank laws.
A summary of the bill can be seen here.