President Barack Obama’s budget proposal is so bad that it’s funny, says Senate Republican Leader Mitch McConnell.
He said he “burst into laughter” Thursday when Treasury Secretary Tim Geithner presented him the plan to avoid the fiscal cliff, according to The Weekly Standard.
McConnell said he didn’t mean to embarrass Geithner. He was merely giving his honest reaction to a plan that’s heavy on tax increases and light on spending cuts.
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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.
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