GOP Leaders React to Obama's Speech

So we're open to any suggestions. I intend to work with the new president and the new expanded majority to try to get this right. And all of that process, of course, is beginning to unfold.

QUESTION: Senator McConnell, what's your sense, based on what you've heard so far -- I mean, the price tag that's been put out there is somewhere, about $800 billion. The president-elect has said that ultimately he would like to get this done by the middle of February and with 80 votes in the U.S. Senate. Does that sound within the realm of possibility?

MCCONNELL: Well, given the deficit numbers, it really ought not to be a trillion-dollar spending bill. I think we can start by saying that.

Second, in terms of the timing of it, I think we could, before the February recess, potentially deal with this in a relatively normal way, that is, with oversight hearings, opportunities for Republicans in both the House and Senate to offer amendments. All of that could be accomplished within a month. And that seems to me something we ought to work toward.

We agree that it ought to be done relatively soon, but not, you know, overnight with no input and no transparency.

John?