McConnell to Obama: Swear off new taxes if you want to spur growth

President Obama should come out in opposition to new taxes if he wants to spur job growth, the Senate's top Republican said Wednesday.

Senate Minority Leader Mitch McConnell (R-Ky.) challenged the president to swear off new taxes, moments after Obama delivered a speech on the economy in Cleveland defending his administration's spending to boost the economy.

"If the president wanted to have an immediate impact on hiring, he could begin by changing his mind and announcing today his opposition to the job-killing tax hikes on small businesses," McConnell said. "America's job creators have already been hit with higher healthcare costs and related taxes, new bureaucracy and a financial regulation bill."

Obama's speech ostensibly targeted House GOP leader John Boehner (Ohio) and other House Republicans. The president mentioned the would-be Speaker seven times, while McConnell, who would become the Senate's majority leader if the Senate were to pick up 10 seats in November, went unmentioned by name.

He delivered an impassioned defense of the billions his administration has spent to spur economic growth, and promoted the packages he's proposed to further boost the economy.

"I'll be honest — I refuse to cut back on those investments that will grow our economy in the future — investments in areas like education and clean energy and technology," Obama said. "That’s because economic growth is the single best way to bring down the deficit — and we need these investments to grow."

But Obama still targeted Senate Republicans as a group, renewing his call for them to help Senate Democrats pass a stalled small-business bill.

McConnell urged Obama to swear off new taxes instead as the best way to boost business.

"Americans want jobs, not more government, more debt and more taxes," he said. "Let's start today with a declarative statement against tax hikes on the small businesses that are critical to expand and create jobs.”