The Hill News

The day after House Republicans broke off deficit-reduction talks with the White House, Rep. Jeb Hensarling (R-Texas) said "cut, cap and balance" legislation is the only plan on the table.

"If we’re going to avoid any type of default and downgrade â€" if we’re going to resume job creation in America â€" the president and his allies need to listen to the people and work with Republicans to cut up the credit cards once and for all," Hensarling said in the GOP weekly address. “It’s time to ‘cut, cap, and balance.’"

The Senate voted 51-46, along strict party-lines, on Friday to kill the House Republicans' legislation.

The measure would have cut spending by $111 billion in 2012, capped spending over the next decade and prohibited more borrowing until Congress had passed a balanced-budget amendment to the Constitution.

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