Cantor: A bill a week to cut spending

Incoming House Majority Leader Eric Cantor (R-Va.) said Tuesday his party is aiming to offer a bill a week to cut federal spending.

Cantor said House Republicans will lay out a plan in the coming weeks to cut $100 billion in spending this year, Reuters reports.

At a press conference on the day before the opening of the new Congress, Cantor also said Republicans are even considering defense spending for possible cuts to reduce the deficit.

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House GOP are also urging President Obama to reform the tax code.

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