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Members voted 246-to-173 against the measure.

A two-thirds vote was needed for approval.

The legislation would have raised the nation's debt limit through next year's presidential election and into 2013.

It also called for spending cuts of roughly 2.7 trillion.

House Minority Leader Nancy Pelosi said moments before the vote that the GOP has sabotaged the debate.

"It's perfectly absurd to say to the president after 32 times lifting the debt ceiling, we're going to change the game for you Mr. President," said Pelosi. "It's perfectly absurd for them to say that the bill they brought to the floor yesterday, the Boehner bill, was an agreement of the four leaders of the House and Senate, Democrat and Republican. Either you don't know what you're talking about or it's a perfect absurdity."

Even in the face of defeat, the Senate has scheduled a vote on the measure for the early hours of Sunday morning.

The majority leader plans to bring the bill to the floor, saying it was the only bill that had a chance of being passed by Tuesday's deadline.

"We have a proposal that is a proposal the president will sign," Reid said. "It takes into consideration many of the objectives Republicans had, there are no revenues, there are cuts. It's a fair piece of legislation. If they think it can be improved, let them tell us how it can be approved. They have until midnight tonight to do that."

The latest vote happened less than 24 hours after senators killed a plan sent to them by House Speaker John Boehner.

Republicans narrowly passed the legislation after postponing the vote twice.

It called for spending cuts of $917 billion and a $900 billion raise in the debt ceiling.

The bill ran into embarrassing trouble within the Republican ranks, prompting leaders to tack on a Constitutional amendment requiring a balanced budget.

If no deal is reached by Tuesday, the United States Treasury won't have enough money to pay all its bills and could risk default -- the first in the nation's history.

Leaders also warn that interest rates could skyrocket and the country could lose its top-tier bond rating.

In his weekly address, President Barack Obama said while there's very little time left, both sides really are not that far apart. However, he did single out Republicans for attempting to pass a deal that had little hope of making it through both chambers.

Despite the criticism, he also offered praise for lawmakers on both sides of the aisle who have shown a willingness to make difficult choices.

"We need to get our house in order," Obama said. "And I have to say, Democrats in Congress and some Senate Republicans have been listening and have shown themselves willing to make compromises to solve this crisis. Now all of us -- including Republicans in the House of Representatives -- need to demonstrate the same kind of responsibility that the American people show every day. The time for putting party first is over."

The president also praised Americans who have contacted their lawmakers following his address to the nation Monday night.