Cornyn to oppose $1 trillion stimulus (spending) bill

WASHINGTON—U.S. Sen. John Cornyn, a member of the Senate Finance Committee, made the following statement this afternoon regarding his intention to oppose the $1 trillion Democrat-proposed spending bill. He also discussed his opposition this weekend on Fox News Sunday with Chris Wallace. A full transcript can be accessed here.

“While I appreciate all of their hard work and effort, I am extremely disappointed in the compromise some of my colleagues have reached on a $1 trillion stimulus package. First, and foremost, there is little that is stimulative about it. Also, I am extremely troubled with the lack of oversight and accountability, which has the potential to waste billions of taxpayer dollars.

“President Obama promised change and a new tone in Washington, but unfortunately his fellow Democrats in Congress didn't get the message. Any legislation that has the potential support of just three Republicans out of 535 members of Congress can hardly be called bipartisan.

“I and many of my colleagues attempted to significantly lower the cost of the bill, ease the tax burden on middle-class Americans, provide relief to the struggling housing market, and ensure that any taxpayer money spent actually stimulated the economy immediately. Unfortunately, Democrats would have none of it. They even blocked an amendment I introduced that would have lowered the 10 percent tax bracket to 5 percent for 2009 and 2010, providing relief to millions of taxpayers, and another one that would have helped hundreds of thousands of homeowners by creating a 4.0-4.5 percent fixed-rate on 30-year mortgages.

“So, we find ourselves back where we began – with a massive trillion dollar unstimulative 'stimulus' bill crafted by partisans despite the vocal opposition of tens of millions of their constituents. I will honor the wishes of those that I represent and oppose this legislation as it is currently written.”

Background

Sen. Cornyn believes any “stimulus” plan should begin with providing much overdue relief to the struggling housing market. Secondly, the majority of any economic stimulus plan should be tangible tax relief for families and small businesses. Hard-working Texans deserve to keep more of their own money to spend, save and invest how they see fit. Finally, any proposed new spending must be made fully transparent to ensure Congress is not spending taxpayer dollars on unnecessary or ineffective projects. If American families are having to tighten their belts and make tough financial decisions, the federal government should do no less.
In an effort to improve the legislation, Sen. Cornyn offered an amendment last week to the stimulus bill on the Senate floor that would have lowered the 10 percent tax bracket to 5 percent for 2009 and 2010, providing meaningful tax relief to millions of Americans. Unfortunately, this amendment had the same fate as an overwhelming majority of other GOP measures that were proposed and it was defeated by Democrats. He introduced a second amendment to the bill on the floor to provide $2 billion in funding for the National Guard and Reserve forces, paid for by eliminating $2 billion of wasteful spending in the current proposal. So far, the Democrats have not allowed a vote on this.
Democrats also defeated an amendment that would have created 4.0 to 4.5 percent fixed-rate 30-year mortgages. The mortgages would have helped families in these difficult economic times and generated home sales in our struggling market.