WASHINGTON—U.S. Sen. John Cornyn, R-Texas, a member of the Senate Finance Committee, today issued the following statement with regard to the $1 trillion bailout proposed by Democrat leaders in Congress:
“I was hopeful that my colleagues and I could work together in a bipartisan fashion to institute and promote real solutions to revive the economy, but sadly that is not the case. With a deficit projected to hit $1.2 trillion, this is not the time to throw another trillion dollars into the air and hope for the best.
“We need to come together to craft legislation that provides real relief for average, everyday Americans. It should begin with providing much overdo 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.
“We should be able to present the American people with a final economic rescue product that reflects bipartisanship, true tax relief, and tangible economic growth measures that would yield immediate relief for our ailing economy. Today, I can safely say the $1 trillion ‘economic rescue plan’ is no such product.”
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