"The question is, what are we going to do about it?"

Democrats are reportedly considering a bill that averts the $85 billion in spending cuts under the sequester with a package of $55 billion in new taxes over 10 years, and a bit more than that in spending cuts. The taxes are expected to include a minimum tax on the wealthy.

While Democrats are expected to reveal their plan later this week, McConnell criticized them for failing to come up with any plan during the last Congress.

"They still haven't put forward a serious proposal of replacement spending cuts," he said. "What a colossal waste of time."

McConnell also criticized their pending proposal as a last-minute rush job, as opposed to proposals House Republicans passed last year that were ignored by Senate Democrats. He said that's a pattern Democrats continue to repeat.

"Republicans identify a challenge and propose a solution well in advance," he said. "Democrats sit on their hands until the last minute, then they offer some gimmicky bill designed to fail.

"And then comes the final act: President Obama rides in to blame everyone else. Obviously tomorrow's State of the Union address would provide a perfect forum for that. So we'll see if history repeats itself once again. But frankly, this whole routine is getting quite old."