McConnell says 'a big deal' is off the table

AP News
Posted: Jul 10, 2011 10:30 AM
McConnell says 'a big deal' is off the table

The Senate's Republican leader says a major proposal on cutting spending that's favored by the White House is off the table as far as Republicans are concerned.

Sen. Mitch McConnell of Kentucky points to tax increases that are part of the $4 trillion deficit-reduction package backed by President Barack Obama.

McConnell tells "Fox News Sunday" that raising taxes is bad idea given the weak economy.

Obama is holding debt talks with congressional leaders Sunday evening.

House Speaker John Boehner said late Saturday that House Republicans wouldn't accept tax increases in Obama's plan. Boehner, R-Ohio, says he's looking at a deal about half the size of the president's proposal.

Officials have been negotiating for weeks to allow the nation's borrowing capacity to rise before an Aug. 2 deadline.