Cornyn: "Grand Opportunity' to Come Together on Debt

U.S. Sen. John Cornyn (R-Texas) a member of the Senate Budget Committee, today spoke on the Senate floor in response to President Obama's press conference yesterday and the ongoing debt ceiling negotiations:

"This is a grand opportunity for Democrats and Republicans to come together to do the nation's business -- to be serious, not to be reckless -- not to give speeches like the President gave yesterday as part of his re-election campaign.

"Absolutely disgraceful -- he should be ashamed. I respect the office of the President of the United States, but I think the President has diminished that office and himself by giving the kind of campaign speeches that he gave yesterday."

To watch video of Sen. Cornyn's speech, click here.

Full text of Sen. Cornyn's speech:

"Mr. President, I was frankly shocked by the President of the United States' comments yesterday at his press conference telling Congress it needed to get to work.

"Get to work.

"I guess the President forgot that his party controls the United States Senate, and Republicans being in the minority have no ability to place matters on the agenda or to force a vote on issues over the objection of Senator Reid, the Majority Leader, and the Democrats who control the Senate.

"I guess the thing that rankled me so much, Mr. President, is rather than hold a press conference and tell Senator Reid to get to work on the budget, the President should have picked up his telephone or invited Senator Reid to come to his office and say "Harry, we need to pass a budget.'

"We need to take care of this debt crisis, we need to take care of this cliff that we're getting ready to fall off of August 2, that Secretary Geithner has warned us would have perhaps calamitous impact on markets and on the economy and on interest rates charged on our national debt, among other things.

"I guess the most galling thing, listening to the President make this kind of outrageous speech, engaging in blatant electioneering/campaigning sort of rhetoric, class-warfare - is that this comes from a person who since January 2011, has had 31 fundraisers, including one tonight in Philadelphia.

"I wonder if he's going to cancel his fundraiser in Philadelphia tonight to meet with Senator McConnell and Speaker Boehner to try to work on this threat that he was so emphatic about yesterday.

"I predict he won't cancel his fundraiser in Philadelphia tonight to get to work on something that only he can do - which is to negotiate a grand bargain with Republicans and Democrats that will solve this problem.

"Well, we know he had time on Monday to videotape an appeal to his donors who wanted to solicit donations from people so they might win a dinner with President Obama and the Vice President.

"He had time to do that.

"Yet, it wasn't until Monday of this week that the President himself first took ownership of this issue after Majority Leader Cantor and Assistant Leader Kyl said, "you know what, we really can't negotiate with the Vice President because they keep insisting on raising taxes and we just are not going to go there.'

"And so the President had his first meeting with Republican Leader McConnell and the Majority Leader to talk about this issue that he was flailing Congress about not doing its job just yesterday.

"Frankly, he should be embarrassed. But unfortunately the threshold for embarrassment here in Washington seems to be much higher than the rest of the country.

"The President said that Republicans were blocking the deal on the debt limit because they had taken tax increases off the table.

"Well, that's right, we believe it's a terrible mistake. With unemployment at 9.1%, much higher in many regions of the country, to raise taxes on the very people who you're depending on to create jobs.

"What's his message to people who can't find a job because people aren't hiring?

"What's his message to people who are out of work and they can't pay their home mortgage and they lose their home?

"Well, it's higher taxes. Let's just raise taxes and everything will be just fine. We don't have a taxing shortfall. The American people pay plenty of taxes already.

"What we have is a spending binge by the federal government.

"Tax revenue is roughly 18% of our gross domestic product, but spending is 25%. Hence the $1.5 trillion deficit this year and the $14.3 trillion debt so far which threatens our nation's future.

"Well, it frankly rankles many of us to have the President engage in such blatant demagoguery and blame shifting when he himself is unwilling to take responsibility for his duties, which are to lead by example.

"We're ready to work with the President to try to solve the nation's problems.

"The House has passed a proposal.

"It's not perfect.

"I don't necessarily agree with all of it, but there are plenty of other proposals out there that will fix the nation's fiscal problems, one of which is the President's own fiscal commission itself.

"He appointed it.

"A bipartisan fiscal commission that reported back in December, entitled "Moment of Truth,'otherwise known as the Bowles-Simpson Commission, a bipartisan commission the President appointed himself. But he's ignored it.

"There is another one, the Domenici-Rivlin Commission. Another committee, another bipartisan commission that made recommendations.

"The President has ignored it. Ignored it.

"Well, the President yesterday said -- quote -- "call me naive, but my expectation is that leaders are going to lead.'

"That's what the President himself had the gall to say yesterday to the American people when he himself has displayed an astounding lack of leadership.

"Like I said, we're ready to work with the President.

"I know Senator McConnell invited him to come over to Congress and explain how this increase in taxes was somehow going to create more jobs in America, how we were going to solve the problems with Medicare, which is going to run out of money in a little over a decade, and I hope the President takes him up on that invitation.

"You know, it's not a partisan issue really.

"Secretary of State Hillary Clinton says our national debt sends a message of weakness internationally.

"The Chairman of the Joint Chiefs of Staff, Admiral Mullen, said that the single greatest threat to our national security is our debt.

"If America goes broke, how are we going to pay for our national defense and security, that not only Americans depend on, but so many countries around the world depend on America being strong to protect them from tyrants and dictators and terrorists.

"But if our economy goes bust, if interest rates go up to historic norms, we could spiral out of control, our economy.

"But there is not going to be a bailout for the United States of America. Our economy is simply too big.

"The International Monetary Fund, the Europeans, others are not going to bail us out while we continue to spend recklessly, about 43 cents out of every dollar in money borrowed from these young men and women here sitting in front of me, from every baby born in America today comes into this world with $46,000 in debt.

"It's irresponsible. It's wrong.

"The American people sent a message in November of 2010 that they're sick and tired of Washington operating business as usual.

"And we're not going to take it anymore, and the American people shouldn't take it anymore. I think we have an opportunity here.

"In Texas, we don't recognize problems--we recognize challenges and opportunities for a positive -- we're a positive bunch of folks.

"This is a grand opportunity for Democrats and Republicans to come together to do the nation's business - to be serious, not to be reckless, not to give speeches like the President gave yesterday as part of his reelection campaign.

"Absolutely disgraceful. He should be ashamed.

"I respect the office of the President of the United States, but I think the President has diminished that office and himself by giving the kind of campaign speeches that he gave yesterday.

"We do have a solution. The Senator from Alabama, Senator Sessions, and others of us have sponsored a balanced budget amendment to the Constitution. This would be a responsible way to deal with this problem. And I hope we will get a vote on that shortly.

"But in the meantime, there's no reason we can't solve this problem.

"All we need is the President to step up and give us a proposal.

"So far he's laid back and criticized everybody else and said where's your proposal? How come you haven't done your work?

"Well, he hasn't done his work by proposing a responsible solution.

"We'll have a debate. We'll have amendments. We'll make constructive suggestions. We'll do it out in the light of day and not behind closed doors, which is where these negotiations are occurring now.

"Why does this need to be done in secret?

"Why, as Senator Sessions said, are we, the elected representatives of the American people, left with a fait accompli shortly before a deadline that said "you either pass this or the country's economy goes down the tubes?'

"That's not what the American people expect of us. That's not what they deserve.

"Sure there are going to be differences of opinion, but that's what this Senate is for, to work those out.

"We all understand that we're not going to get what we want 100% of the time, but we do deserve to have a fair and open process - transparent and visible to the American people.

"I get to offer suggestions. They either win or they lose. And then ultimately the majority vote determines the outcome. We respect that as the process by which these differences are resolved.

"But we can't do our job when the President doesn't do his job and make a responsible proposal…when Senator Reid will not bring a budget to the floor.

"It's been two years since the United States Senate has had a budget.

"No one in the United States of America or anywhere around the world can operate with that sort of recklessness and irresponsibility.

Everybody has to have a budget. My family has a budget. Every business has a budget.

"Only by having a budget can you determine what are your priorities, what are the things you have to have or do, what are the things that you can put off until tomorrow, what are the things that maybe would be nice to have but you can't afford.

"Every family, every business has to go through that process, but not the United States Senate.

"And not apparently the President of the United States.

"The proposal he made, which is double the debt in five years, triple it in ten years, called for huge new tax increases.

"But yet, when it came up for a vote, and only because Republicans forced a vote on that, it didn't get any support -- I think it was 97-0.

"Not even our friends across the aisle could support the President's outrageous proposal back then.

"Why didn't he come back with a new one? Why didn't he stay at the table?

"Instead of going to Philadelphia tonight and raising money, why doesn't he call Senator McConnell, Speaker Boehner, Minority Leader Pelosi and Majority Leader Reid into his office and sit down and do his job?

"Just do his job.

"Mr. President, I yield the floor and note the absence of a quorum."

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