McConnell: Obama’s Budget Plan Gave Me ‘Burst of Laughter’

Obama’s proposal includes $1.6 trillion in tax hikes and only $400 billion in spending reductions. If Congress and the White House don’t reach an agreement before year's end, $607 billion of tax increases and spending cuts will begin Jan. 1 — the fiscal cliff.

 

McConnell said Geithner showed “minimal or no interest” in spending reductions when they met in the senator’s office. After the election, Obama said he was open to the idea of slicing the spiraling growth of food stamps and Social Security disability payments. But Geithner didn’t even mention that, McConnell said.

 

He said he’s pessimistic after the meeting with Geithner that a “balanced” agreement on tax increases and spending cuts can be reached. “Nothing good is happening” in the negotiations, McConnell said.

 

Other Republicans were skeptical too. “If the president is going to lead on this critical issue, he has to propose a plan that can actually pass,” said Missouri Sen. Roy Blunt, Bloomberg reports. “This is simply not a serious proposal.”

Editor’s Note: New 'Obamacare Survival Guide' Reveals Dangers Ahead for Your Healthcare