Cornyn: Congress Must Stop Writing Checks For Future Generations to Pay

Press Release

Cornyn: Congress Must Stop Writing Checks For Future Generations to Pay

Votes Against Housing Bill That Dramatically Increases Federal Debt, Bails Out Irresponsible Lenders

Following the Senate's vote this evening on a housing bill that contained a $300 billion bailout for subprime borrowers and lenders such as Countrywide, U.S. Sen. John Cornyn, R-Texas, a member of the Senate Budget Committee, said in a statement that it's time for Congress to start placing the interests of responsible taxpayers first and stop passing down more debt to future generations. According to the Joint Tax and the Congressional Budget Office, the housing bill, which Senator Cornyn opposed, will increase the deficit by an estimated $10.5 billion over the next five years.

"Earlier this year, the Democratic-led Congress passed a budget which will raise taxes by $1.2 trillion and grow the federal debt by $2 trillion over the next five years. Tonight, the Senate passed a bill that will add billions more to that already high number. At what point will Members of Congress listen to the taxpayers and say, enough is enough? Congress cannot keep writing checks and expecting future generations to pay for them.

"To be sure, there are some good aspects of this bill, including several amendments I authored or co-authored to enhance veterans' housing benefits. For example, they make family members eligible for housing grants if they are caring for wounded warriors, ensure that burn victims are eligibly for housing grants, and increase the amounts of housing grants for disabled active duty service members and veterans. Texas is the proud home to thousands of service members and veterans, and the federal government has a sacred responsibility to provide them with the benefits they deserve.

"It's unfortunate, however, that many of the positive sections of the legislation were not passed on their own by unanimous consent. Instead, the Democratic leadership made a political decision to tie them to a bailout for Countrywide Mortgage that will be paid for with higher fees and taxes. The American people have made clear that they are sick of politics as usual in Washington. It's time Congress stopped doing what's politically-expedient and started doing what's right for our country's long-term fiscal health."

Source