House Republicans late Friday afternoon released a two-week continuing resolution that cuts more than $4 billion in federal spending, including $2.7 billion in earmarks.

The bill also has more than $1.2 billion in terminated funding that President Barack Obama included in his fiscal 2012 budget request, including $75 million in election assistance grants, a $29 million broadband loan subsidy, funding for repairs to Smithsonian Institution facilities and a number of education programs, among others.

Senate Majority Leader Harry Reid (D-Nev.), who has been waging a war of words with House Republicans over a potential government showdown, struck a more measured tone in response to the proposal.

“The plan Republicans are floating today sounds like a modified version of what Democrats were talking about. We’re glad they think it’s a good idea, but we should keep our focus on what we need to do to cut spending and keep our economy growing in the long-term,” Reid spokesman Jon Summers said in a statement.

“If we need a little more time to agree on a responsible path forward, we should pass a short-term CR for no longer than the next month. But the ‘my way or the highway’ approach Republicans have been taking in the past only signals a desire for a government shutdown that our country can’t afford,” he added.

In a statement, Speaker John Boehner called on Reid to quickly pass the measure once the House completes its work.

“Once the House passes our second continuing resolution early next week, I’m hopeful Sen. Reid will quickly hold a vote on our short-term proposal so we can ensure the government remains open and that we’re addressing the need to cut spending to create a better environment for job growth. The House is doing its part to cut spending and avoid a government shutdown; it’s time for the Senate to take action as well,” the Ohio Republican said.