McConnell on Obama’s Debt Speech: ‘The Time For Talking Is Over. The Time For Doing Is Now’

By Kate McCarthy

Apr 12, 2011 5:17pm

My colleague Matthew Jaffe reports:

The Senate’s top Republican Mitch McConnell today was asked what he hopes to hear from President Obama in his speech tomorrow on reducing the nation’s $14 trillion debt.

“Until he is directly involved and until he indicates he’s willing to sign something, it’s all just talk. Well, the time for talking is over, the time for doing is now and that will be precipitated by the request of the president of us that we raise the debt ceiling,” McConnell told reporters on Capitol Hill.

Without going into any specifics at all, McConnell said he will demand “something significant” in exchange for voting to raise the $14.3 trillion debt limit.

“In order to get my vote for raising the debt ceiling, we would need to do something significant about the deficit and let me define what I would view as significant: something that the markets would view as significant, something the American people would view as significant, something foreign countries would view as significant. Obviously that means no window dressing, no blue smoke and mirrors – something real, something measurable, that clearly will begin to reduce our debt.”

As he has stated in the past, McConnell reiterated his stance that raising taxes is not the right approach to reducing the debt.

“We all know we have this problem not because we tax too little, but because we spend too much. There’s no way to tax our way out of this problem. In my point of view taxes are not on the table because we don’t have a revenue problem. We have a spending problem.”

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