Updated: 1:51p.m. ET

Republican leaders on Wednesday preemptively hammered President Obama for a speech he will make about reducing the deficit, specifically decrying his plan to raise taxes for wealthy Americans.

 

In a press conference on Wednesday following a meeting with the president, Senate Minority Leader Mitch McConnell said "it is time to act" to deal with the debt crisis. But he emphasized that Republicans "don't believe lack of revenue is part of the problem" - and consequently, "we will not be discussing raising taxes in this particular connection."

 

President Obama is addressing the nation Wednesday concerning his effort to reduce the federal deficit by $4 trillion over the next 12 years. Among the proposals included in his plan will be reductions for spending in Medicare and Medicaid, increased taxes on the wealthy, and cuts for defense costs. He will likely also urge Congress to approve a hike in the debt ceiling, which the government is expected to hit in May.

 

McConnell, in the press conference, pledged that Republicans would not approve raising the debt limit "unless we do something significant about the debt."