WASHINGTON (Reuters) - President Barack Obama's call for $3 trillion in new government savings, through a mix of tax increases and spending cuts, was dismissed by Senate Republican Leader Mitch McConnell on Monday.

"A massive tax hike, phantom savings, and punting on entitlement reform is not a recipe for economic or job growth-or even meaningful deficit reduction," McConnell said in a statement.

(Reporting by Richard Cowan; Editing by Will Dunham)