“The proposal that is before us was enacted by the House yesterday on a virtually partisan roll-call vote with maybe one or two exceptions, but the Republicans passed a proposal which they have characterized as 'cut, cap and balance,' and they will bring it to the floor of the Senate for consideration.”

The "cut, cap and balance" bill passed the House Tuesday evening in a 234-190 vote. The legislation is not expected to pass the Senate once it arrives. 

President Obama has also threatened to veto it.

The legislation would cut spending by $111 billion in 2012, cap spending over the next decade and prohibit more borrowing until Congress passes a balanced-budget amendment to the Constitution.