McConnell Seeks ‘Significant’ Spending Changes in Debt Plan

Senate Minority Leader Mitch McConnell said he is seeking “significant” changes in short, medium and long-term spending in exchange for his agreement to raise the U.S. debt limit.

Speaking to reporters after Senate Republicans met with President Barack Obama, McConnell said such goals must include a two-year cap on discretionary spending that reduces outlays to help bring down the deficit.

“To get my vote we’re going to have to establish a cap in year one and year two,” he said.

McConnell of Kentucky said the lawmakers had a “candid exchange” with the president on deficit and spending issues.

The minority leader said he believes the group of lawmakers meeting twice a week with Vice President Joe Biden is the most likely to come up with a deficit-cutting agreement that all sides could embrace. A bipartisan group of six senators also has been meeting on the deficit, though McConnell said that group didn’t include anyone from the White House.

McConnell also said a comprehensive tax overhaul can’t be accomplished before August. In addition, a debt plan is unlikely to address Social Security because Democrats oppose it, he said.