McConnell: Spending Cuts Are Modest

WASHINGTON -- The Senate's Republican leader says the automatic spending cuts that just started to kick in are modest and a step toward curing Washington of its "spending addiction."

Sen. Mitch McConnell says the across-the-board cuts are not as devastating as some predicted. The Kentucky Republican also says families have had to trim their budgets and can appreciate Washington's step to curb spending.

McConnell says the entire idea of the automatic spending cuts came from President Barack Obama's staff. Those cuts were set to take effect only if Congress and the White House failed to reach a bargain to reduce the nation's debt, but without a deal those deep cuts began to take hold on Friday.

McConnell appeared on CNN's "State of the Union."

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Politics

3 Things Investors Must Know for Monday

3 Things Investors Must Know for Monday

It's Dumb to Think Legalizing Weed Is Still a Political Issue

It's Dumb to Think Legalizing Weed Is Still a Political Issue

Street Stats: The Mid-Term Elections May Be a Rollercoaster Ride for Investors

Street Stats: The Mid-Term Elections May Be a Rollercoaster Ride for Investors

Trump's Oil Tweets Ruining the Stock Market's Rebound?

Trump's Oil Tweets Ruining the Stock Market's Rebound?

Former First Lady Barbara Bush Dies at 92 Years Old

Former First Lady Barbara Bush Dies at 92 Years Old