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.

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