Cornyn Introduces Measure To Curb Entitlement Spending, Reduce Debt

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Cornyn Introduces Measure To Curb Entitlement Spending, Reduce Debt

U.S. Sen. John Cornyn, a member of the Senate Budget Committee, introduced an amendment Thursday designed to curb runaway entitlement spending and save taxpayers $34 billion over the next five years. The entitlement spending reform amendment to the full budget bill would force the Senate Finance Committee, through the reconciliation process, to find approximately $34 billion in savings in entitlement programs over the next five years. Today's action by Sen. Cornyn follows his successful effort yesterday to make income tax hikes more difficult.

"We simply must get our fiscal house in order," Sen. Cornyn said. "This amendment saves taxpayers billions of dollars, prevents an impending fiscal train wreck and reduces our debt—the bill that we would pass on to our children and our grandchildren."

Sen. Cornyn added: "We've been on a binge with no limitation on spending. It's time for the federal government, like the American family, to get on a budget. If we do nothing over the next 30 years, we won't have a dime to pay for anything else except four accounts—Social Security, Medicare, Medicaid, and part of the interest on the debt. We will not have the resources for other important priorities, including fighting the global war on terror, securing our borders, veterans' health care or education. The time to act is now."

In the most recent long-term projections prepared by the Congressional Budget Office (CBO), outlays for Social Security, Medicare and Medicaid combined are projected to increase to 10.5 percent of GDP by 2015—an increase of approximately two percent of GDP in less than a decade. By 2030, according to the CBO, they will reach some 15 percent of GDP.

"This reform is one area where we ought to be able to work together to try to solve this problem for our children and grandchildren, so we don't pass our debt on down to them for what we are spending today in these entitlement programs," Sen. Cornyn said.

On a relate note, the Senate approved an amendment by Sen. Cornyn on Wednesday to make income tax hikes more difficult by requiring a super-majority of the Senate, or 60 votes, to pass any legislation that increases tax rates.

In addition, Sen. Cornyn introduced an amendment that would make sure the State Children's Health Insurance Program (SCHIP) continues to fulfill its original intent of helping low-income kids. The amendment will also help improve and strengthen the oversight of the program.

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