Sen. Ted Cruz, R-Texas, mocked President Obama's new "Promise Zones" initiative on Thursday, accusing the president of failing to address economic equality.

"It's altogether fitting that President Obama is today talking about income inequality, because income inequality has increased dramatically as a direct result of his economic policies," he said.

Cruz criticized Obama for proposing more government spending and debt without addressing taxes and regulations that were choking job growth, suggesting that he was running out of new ideas to stimulate the economy.

"All of America needs to be a real 'Promise Zone' — with reduced barriers to small businesses creating private-sector jobs — and we should start by repealing every word of Obamacare, building the Keystone pipeline, abolishing the IRS and rolling back abusive regulations,” Cruz said.