From Senator Mitch McConnell’s speech on the Senate floor today, an indication of how he plans to approach a deal in light of the fiscal cliff:

“We’ve been open to revenue by closing loopholes, as long as it’s tied to spending cuts and pro-growth tax reform that broadens the base and lowers rates. This is the model laid out by the Bowles-Simpson commission, and it’s a model both parties should step forward and embrace.

“Without compromising our principles, we’ve put skin in the game in recognition of the fact that while Democrats don’t run this town, neither do we. We’ve been reasonable, even as we’ve remained firm on this point: no tax increases now for promised spending cuts that won’t materialize later. The American people have seen that game before. They won’t be fooled again.

“The only balanced approach is one that includes real and lasting reforms. So Republicans have stepped out of our comfort zone. We’ve been clear about what we’ll do and what we won’t. And yet we remain at an impasse.