In the midst of a steeped ideologically-charged congressional battle over the indebted country's budget, Price said in the party's weekly radio and Internet address President Barack Obama's budget would "accelerate our path to fiscal ruin."
His remarks came as House Republicans won on a series of amendments early Saturday that would curtail $61 billion of federal spending, The Hill reported.
"We need to end Washington's spending binge to reduce uncertainty, to boost confidence, and to encourage private investment in our economy," Price said. "To help create a better environment for job creation in America, the spending binge has got to stop."
The U.S. government's budget expires March 4 and could face a shutdown of non-essential services if the political showdown doesn't come to conclusion. That last happened in 1995 because of President Bill Clinton's budget veto.
Meanwhile, President Obama made little reference to the budget battle in his weekly address Saturday, instead reiterating his goal of improving math and science education so the United States can remain competitive.