WASHINGTON (CNN) - Senate Minority Leader Mitch McConnell told CNN what he hopes to get out of the Senate and House bipartisan leadership meeting with Obama on Monday, after his appearance on ABC’s ‘This Week with George Stephanopoulos.”
The most powerful Republican in the Senate wants the president-elect to give Republicans more of a voice in regards to the stimulus package. He proposed an immediate 10 percent tax cut for the middle-class, and financial help to states in the form of loans rather than grants.
“We ought to pass, in my view, an immediate tax relief for the middle class. This is something that I think there will be bipartisan agreement on. Currently the middle class tax rate is 25 percent. I think it ought to be brought down to 15.”
Regarding state assistance, the Kentucky senator proposed the same approach used in the financial rescue package to bail out financial institutions on the verge of bankruptcy.
“Charge them 5 percent - make it a loan. Charge them 5 percent over the first 5 years and 9 percent after that. I think that states don't want the money under those circumstances won't take it. Those that do will spend it wisely because they will not want to pay interest on doing things like building mob museums or water slides," McConnell said.
The Republican senator also commented on how the economic stimulus package should be constructed and successfully carried out, referring to the three principles used by House Speaker Nancy Pelosi to frame her support of a bipartisan stimulus package in January 2008.
"I think we ought to make sure that we follow the admonition of the Speaker last year in talking about stimulus packages. She said they ought to be timely, temporary and targeted. In other words we ought to try and avoid the temptation to use this stimulus package as a basis for systemically increasing spending,” McConnell said. ”In other words, changing things that increase spending in the out years dramatically. Timely, temporary and targeted would be the best way to go at this spending package."