By Ramsey Cox - 12/12/12 03:32 PM EST
McConnell said Obama campaigned on a “balance approach” to dealing with the deficit, one that included both spending cuts and revenue, but now that the campaign is over, Obama is only talking about taxes.
"All of a sudden it’s all tax hikes all the time. Forget balance, let’s just raise taxes and spend even more."
Obama released a proposal last week that would raise $1.6 trillion with higher taxes, find $400 billion in savings from entitlements and spend $50 billion on measures to stimulate the economy.
Republicans have said it is a one-sided offer that shows the White House isn’t serious about the talks. House Republicans made a counter offer that includes $800 billion in new tax revenues, but the White House rejected it, demanding higher tax rates on the wealthy.
Democrats want to extend the Bush-era tax rate for those making less than $250,000 a year, raising tax rates on the 2 percent of taxpayers making more than that, but Republicans have said raising tax rates on any income bracket would harm the economy.