On the surface, Reid’s plan would cut $2.7 trillion from the deficit over the next decade without raising new revenue or making cuts to Medicare, Medicaid or Social Security.

Republicans note, however, that a significant part of the plan’s savings come from drawdowns in Iraq and Afghanistan, something that likely would have happened anyway. 

McConnell also went on to blast President Obama for rejecting proposals sent to him by Congress without offering a plan himself. 

"I know the president would rather give speeches about our problems than resolve them, but he wasn’t elected to talk about the United States,” said McConnell. "He was elected to lead it.” 

"In short, the president is now clinging to things we all know the Congress can't support,” continued the minority leader. “A massive tax hike and the biggest debt-limit increase in history aimed, in his own words, at getting him past the next election.”