"Let's be clear,” said McConnell from the Senate floor. “President Obama isn't interested in this bill because it would address the nation's most pressing challenges. Of course it won't. He's interested because it allows him to change subject. 

“I can certainly understand why he'd want to change the subject,” continued the minority leader. “I can see why he'd rather be talking about Congress or the Super Bowl or the weather or anything other than his own failed economic policies.”

McConnell went on to try to refocus some of the negative atteniton Congress has received over apparent insider trading on the White House by pointing out that executive staff also have access to inside information with few investment rules. 

"One thing that stands out is the fact that the president is calling on Congress to live up to a standard that he isn’t requiring of his own employees," said McConnell, who predicted Republicans would propose an amendment to the bill that would extend the the rules to the executive branch.

Senate Majority Whip Dick DurbinRichard (Dick) Joseph DurbinGun proposal picks up GOP support Durbin: I had 'nothing to do' with Curbelo snub Republicans jockey for position on immigration MORE (D-Ill.) rejected McConnell's remarks, and said the insider trading bill is a legitimate issue that Congress should address. He also said that while the federal debt has increased, President Obama inherited much of that debt and a sagging economy from President Bush, and thus should not be blamed.

"To saddle him with the legacy of the previous president and his economic policies, I think, is fundamentally unfair," Durbin said.