Taking direct aim at his Republican critics, President Barack ObamaBarack ObamaOvernight Tech: FCC Head takes aim at subsidy program | House looks to mobile security | Former FCC Chair hammers GOP Paul Ryan sells out conservatives with healthcare surrender Napolitano stands by British surveillance claim in Fox News return MORE promised Saturday there would be no additional bailouts offered to the financial industry.
"Never again will taxpayers be on the hook because a financial company is deemed 'too big to fail,'" he said in his weekly address.
Obama said McConnell made a "cynical and deceptive assertion."
"He knows that it would do just the opposite," Obama said. "Every day we don’t act, the same system that led to bailouts remains in place -- with the exact same loopholes and the exact same liabilities. And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it. That’s the truth."
"Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again," he added.
Obama said a "failure of responsibility" from Wall Street and Washington cost the country "8 million jobs lost, trillions in savings erased [and] countless dreams diminished or denied."
Obama said the Democrats' financial reform will close the "loopholes" that led to the economic crisis.
"It’s these loopholes that allowed executives to take risks that not only endangered their companies, but also our entire economy," he said. "And we’re going to put in place new rules so that big banks and financial institutions will pay for the bad decisions they make -- not taxpayers."
He closed by saying, "We will hold Wall Street accountable."