House Majority Leader Eric Cantor (R-VA) tore into the president's 2012 budget proposal Monday, saying it "fails to address the grave fiscal situation facing our country."

"President Obama's budget doubles down on the bad habits of the past four years by calling for more taxes, spending and borrowing of money that we simply do not have,” Cantor said

Cantor also took the opportunity to tout Republicans' budget plan, which is expected to include steeper cuts.

"It will be clearly evident in the coming weeks as [House Budget Committee] Chairman Paul Ryan and House Republicans introduce our own budget, one that addresses the challenges we face so that our children have the same hope, opportunity, and ability to achieve that our parents gave to us and their parents to them."

Expect further commentary from Cantor on the president's budget after he meets with reporters in his weekly pen-and-pad session at 2 p.m.