The Senate on Friday voted to “table,” or kill, a House Republican proposal to “cut, cap and balance” the budget that Majority Leader Harry Reid called the single worst piece of legislation ever to hit the Senate floor.

The House Republican “Cut, Cap and Balance” (measure) is now over. It’s done, dead,” Reid said after the 51-46 vote.

With its defeat, lawmakers are still looking for a deal to cut federal spending while raising the nation’s $14.3 trillion debt ceiling. The Obama administration says the limit must be increased by Aug. 2 or the country could default on its loans or otherwise be forced to shut down services.

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