Chris Wallace asks Mitch McConnell if he's worried about his party being labeled the "Party of No" after blocking lending assistance for small business, voting against extending unemployment benefits and voting against financial regulatory reform.

It's pretty bad when even Chris Wallace is questioning whether this is the best strategy for Republicans if they're hoping to make gains in the mid-term elections. Here's how McConnell responds when Wallace presses him on why the Republicans decided to block the small business lending bill.

McConnell: That is another TARP. You know, we tried that once under the previous administration and under this one. Basically the lending facility portion of that bill is TARP III or the son of TARP. Wallace: But you're... because there have been some questions on whether this is a procedural issue... you're now saying that Republicans are against boosting lending assistance to small businesses? McConnell: This particular provision is another TARP. It puts the government in the position of taking equity positions in businesses. Look... look at what they've done. They're running banks, insurance companies, car companies and nationalizing the student loan business, taking over health care. We don't need the government taking equity positions, ownership positions in any more private sector businesses. That's not the way out of this. The way out of this is to kill this job killing tax increases coming that they advocate that is going to affect 50% of small business income and 25% of our work force. That's going to be their plan in September to raise taxes in the middle of a recession.

As Ryan Witt pointed out: