McConnell went on to accuse Obama of helping Senate Democrats scuttle any prospect of extending the current interest rate on college student Stafford loans. He described Obama's five-point plan as one "cooked up by some high-paid political consultant in Chicago."

McConnell's speech came a day after the Senate voted down a motion to move forward with legislation to extend the student loan interest rate of 3.4 percent for another year. Without congressional action, the rate is set to increase to 6.8 percent on July 1.

Also on Tuesday, speaking at the University of Albany, Obama laid out his five-point plan that Congress should take up in order to improve the economy. The plan includes ending tax incentives on companies that ship jobs overseas and creating tax credits for businesses that invest in clean energy technology. The proposal also urges Congress to pass legislation aimed at finding work for Americans who served in the military and firefighters and police officers after they come back from combat.