The Balanced Budget Amendment failed in the house with  261 votes for and 165 votes against, according to CNN.

That's 29 votes short of the two-thirds requirement for passing a constitutional amendment

The bill was voted on as part of an agreement to end last summer's debt ceiling crisis. It was supported by some Republicans to control spending, but others balked at the bill and said it wasn't conservative enough.

The American people are demanding action, said the bill's sponsor, Rep. Bob Goodlatte of Virginia, earlier this month, according to CNN.

They know that it is crucial we rein in the skyrocketing deficit spending that is discouraging investment and threatening to bankrupt our nation.

The bill would have needed a two-thirds support in both houses of Congress and approval by three-quarters of the states to be added to the Constitution.

This is a developing story. Stay tuned here for more information.