According to NBC News, McConnell looked at the proposal and smiled sarcastically.
“I don’t think I've ever seen you smile," Geithner responded. That's when the Republican senator started laughing.
He wasn't trying to be rude, McConnell explained to the Weekly Standard; it was just his natural reaction to a deal that contained $1.6 trillion in new taxes, $50 billion in new stimulus spending, and an effective end to congressional control over the debt ceiling. According to Republicans, the plan would purportedly trim the debt by about $4 trillion over the next decade.
The offer lacks any concessions to Republicans, most notably on the core issue of where to set tax rates for the wealthiest Americans, and was quickly rejected by House Speaker John Boehner (R-Ohio).
Senate Majority Leader Harry Reid (D-Nev.) said Thursday that it was up to Republicans to offer a counter-proposal.