"This is a bill that will bring needed transparency to the administration's process for implementing devastating cuts to our national defense and many social programs on Jan. 2," House Majority Leader Eric CantorEric Ivan CantorDave Brat's seat moved to 'toss-up' 4 years after upset victory over Eric Cantor The animating forces behind the Democratic Party are true, radical leftists Divided Democrats are in danger MORE (R-Va.) said Thursday.

Under the bill, the administration would have to report to Congress on how it plans to make the cuts. The bill is also likely meant as a way for Republicans to pressure the White House to reach some agreement on a way to avoid the required cuts.

In May, the House approved a bill that would avoid $72 billion in cuts to the Pentagon and non-defense spending required by sequestration. The Sequester Replacement Act also made $315 billion in new cuts, but left mandatory sequester cuts in place.

Cantor said he hopes to bring up the Sequester Transparency Act under a suspension of House rules next week.