Obama is delivering his budget to Congress nearly two months late — it is expected to reach the Capitol Wednesday.

McConnell said that leaked information on Obama’s budget leads him to believe that it will contain tax increases with little debt reduction.

“From what we’ve heard so far, the prospects don’t look great,” McConnell said. “We hear it contains only about $600 billion or less in deficit savings over 10 years … [and] we hear it contains new spending proposals and does little to address the drivers of our debt [entitlements].”

McConnell said that Obama’s budget is similar to the Senate Democrats’ budget, which passed on a 50-49 vote last month, because it wouldn’t balance the budget within 10 years or “ever.” 

Democrats have called for a “balanced approach” that has an equal amount of revenue and spending cuts, while Republicans say more tax increases will harm economic growth.