Top Republicans blast Obama debt speech as 'inadequate'

Senate Minority Leader Mitch McConnell, R-Ky., told reporters after the White House briefing that there remains "bipartisan opposition" in the Senate to raising the nation's debt limit unless there are "significant" steps to reduce the debt.

"The definition of significant is what we do is viewed as credible by the markets, by the American people, and by foreign countries. No blue smoke and mirrors, no gamesmanship," McConnell said.

Earlier in the day, Boehner and Cantor ripped Obama for being a latecomer on the debt issue. Cantor said Obama's speech was a "budget do-over," coming two months after the president submitted his 2012 proposal on federal spending and deficit reduction.

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