The bill, H.R. 273, would roll back President Obama's December Executive Order calling for a cost of living increase of 0.5 percent for federal workers. Under that order, the increase will take effect March 27.

Cantor said on the House floor Wednesday that the freeze should continue as part of an effort to keep federal spending in check at a time when many American families are struggling.

"This legislation … would extend the current federal pay freeze that has been in place since 2011," he said. "Hardworking taxpayers and families live within a budget, and it's time that we in Washington do the same."

Minority Whip Steny Hoyer (D-Md.) protested Cantor's plans by pointing out that federal workers would be receiving a cost of living increase, not a pay hike.

"I think it's unfortunate that now for two and a half years, the only working people … in America who have received a freeze or a decrease or have contributed to solving the debt crisis … are federal workers," Hoyer added.