GOP Challenges, Chides President on Spending

"Federal spending is out of control, and that's why we will begin the new Republican Majority by cutting our own Congressional operating budgets," the statement read. "For too long, families and small businesses across America tightened their belts while the federal government continued its spending spree. That federal spending spree will stop with the new Republican Majority. This self-imposed cut to our own operating budgets in the House will save American taxpayers more than $35 million right away and I hope that federal agencies across the spectrum will follow suit and find ways to cut their own budgets. If not, we're happy to do it for them."

Cantor challenged and chided Obama by turn in a news conference in which he said the GOP envisions a "cut and grow majority" to reduce government spending and regulations and benefit the economy.

According to AP, Republicans have pledged to vote on bills that cut spending at least once a week.

Obama is expected to deliver his State of the Union Address on Jan. 25, and Cantor said he was "looking to see some significant spending cuts proposed by the president that we can work on together."