The House of Representatives votes 234-190 to pass a “cap, cut and balance” bill, which would impose strict caps on all future federal spending while making it significantly tougher to raise taxes.

President Barack Obama has said he would veto such a measure, favored by hard-line conservative, and Democrats in the Senate have said they would kill it if it passes the House. Earlier Tuesday, Obama said legislators “don’t have any more time to engage in symbolic gestures” with time running out to raise the country’s debt ceiling in order to avoid default.