Cornyn Says Government's Overreach Hurts Economy
by: Pat Hernandez, September 30, 2011 11:09:34 pm
Cornyn discussed the challenges facing Congress during a luncheon speech for business and civic leaders. He says that Washington is in the midst of a contest over competing visions for our country.
"One that says we ought to depend more on government. Unfortunately, that costs more money, that gives Washington more power, and it tends to interfere and make uncertain, the economic environment that job creators want some certainty for."
He realizes that the two sides on Capitol Hill are so far apart from any consensus that benefits the country. But one thing Cornyn says is certain: since 40-cents out of every dollar is borrowed money, lawmakers will vote on a balanced
budget amendment to the constitution by year's end.
"In 1997 when it came within one vote of passage in the U.S. Senate, the deficit was 107 billion dollars. Today it's one and a half trillion roughly, and the debt was about 5 trillion, now it's more than 14 trillion. So, if my hope is that it's even more compelling today, we'll get that passed and then sent to the states for ratification, and begin this get on a trend line, that will ultimately lead to a balanced budget."
He says that it will take a few years for that amendment to be ratified. But Cornyn adds that every day we delay it gets worse, when you throw in what he considers to be underfunded liabilities like Medicare and Social Security.
"So probably, we're gonna have to have a other election, before we see which side of this argument wins. I think people are pretty engaged. Many people are very upset and want to make sure their voice is heard, and I think this election's gonna determine the outcome of that contest."
Afterwards, Cornyn told reporters that he won't be endorsing anyone in the presidential race.
"Since my focus is mainly on the Senate, because of my responsibilities as chairman of the Senatorial Committee, I don't want to do anything to alienate people who are helping us in that effort. While I support the idea of limiting President Obama to one term, I support anybody who Republicans nominate in that effort."