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To put it lightly, once the news of this got out, thanks to a loud mouth who wrote the proposition, William L. Marcy, who kept the idea no secret, the North was very mad. Congress demanded the Pierce Administration to reveal the document immediately, once they saw it they immediately were appalled and shot it down.
Monstrz yey
The south was obviously all for this plan, allowing the extension of slavery further south. It would also give them a larger percentage, or even a majority in congress. The president was also for the plan, Pierces administration even propagated the idea.
During the years leading up to the Civil war, there was still a moderate attempt to keep balance between the number of free and slave states. The Onstend Manifesto was a result of this, the plan was to buy Cuba from Spain for the south and divide it up to make the number of slave-free states even. In the event Spain refused to sell, it was argued the US had cause "to wrestle" the territory from them.