For background, read this and this.
Obama says the bill is paid for (among other cuts, cuts will be made to the food stamp program in 2014) and will not add to the deficit. Only 2 republicans (Olympia Snowe and Susan Collins) voted to pass the bill in the Senate last week.
Melody Barnes is asked: why are republicans opposed to the bill when it's paid for? I'll answer that. If Obama championed peace, love and understanding, republicans would oppose that. It's what's they do.
At the 3:49 mark, Mike Pence explains the republican stance: