John Cornyn: 'There's No Incentive At All' For Senate GOP To Increase Debt Limit

WASHINGTON -- Senate Republicans shouldn't lift a finger to raise the nation's debt limit, argued Sen. John Cornyn on Tuesday. The Texas Republican, who is in charge of the GOP's political strategy for 2012, made the case that his Republican colleagues should leave it to Democrats to do the politically unpalatable, yet economically crucial, deed.

“We should vote against it, and let those people who vote for it explain why they couldn’t stop the spending spree,” Cornyn told reporters.

The two parties are drawing lines in the sand over how to increase the debt limit, a Congressional cap on how much the Treasury can borrow. Treasury Secretary Tim Geithner told Congress in letter earlier this month that the debt limit will be reached by May 16, but he can take “extraordinary measures” to keep the nation from defaulting on its loans until about August 2.

Republicans in both chambers have said they will not vote to raise the debt ceiling unless Democrats agree to major spending concessions, including cuts to entitlements. Vice President Joe Biden is meeting with leaders from both parties to discuss a deal on raising the debt limit. The Gang of Six, a bipartisan group of senators, is also working on a long-term plan to reduce the deficit.

But even if major spending cuts are made in connection with the debt limit increase, Cornyn said it may not be politically palatable for Republicans to vote to raise the debt ceiling.

He has previously said the debt limit could be used to leverage additional spending cuts, particularly if Senate Majority Leader Harry Reid (D-Nev.) must rely on Republicans to pass the bill. Reid has sufficient votes to pass a bill without Republicans, but only if they choose not to filibuster.

Of course, even if Senate Republicans don't vote to raise the debt ceiling, most House Republicans won’t be able to avoid making the vote. Because the GOP controls the House, many Republican representatives will have to vote for the final bill to increase the debt ceiling.

“There’s no incentive at all for Republicans in the Senate to vote for it,” said Cornyn, who is the chairman of the National Republican Senatorial Committee. “Unless it does something about entitlements, it’s just superficial.”

The definition of what amounts to a superficial approach to dealing with the debt is likely to dog the White House’s deficit talks. Biden must get Republicans in the House and Democrats in the Senate to reach an agreement over how to increase the debt ceiling. Although both sides have said that failing to increase the limit would be catastrophic for the economy, they differ on whether a debt increase should be tied to efforts to decrease the deficit, and the scope of those efforts.

Cornyn said he thinks the Senate will eventually vote to raise the debt ceiling, but he is willing to let Democrats do it alone so they will be attacked for allowing the government to go further into debt.

“There’s not going to be a default on the debt. We’ll just let our Democratic friends vote to raise the debt limit in the Senate,” he said.

Comments

[dhhh]

12:34 AM on 05/26/2011

Does Cornyn understand that the USA will soon become the North American Union and that we as a nation will soon no longer exist???

[LiberalDemIda]

05:32 PM on 05/23/2011

No incentive, Cornyn? How about loving this country and not wanting her to forfeit on her debts to foreign lenders and to her people?

Are Republicans such s0ci0.paths that they don't care about their fellow American, just Big Business?

[zmanusmc]

03:54 PM on 05/22/2011

Why can't we have a balanced budget and a plan to stop deficit spending? Revenues equal expenditures. What is so hard about that? If we continue to increase the debt and the interest payments to the Federal Reserve Board and China is more than our GDP, then how long before we go bankrupt and we do into a Depression? Greece, Spain, Argentina, Ireland, Hungary, and Portugal are all have national crisis over their entitlement programs ... are we right behind them? Is the USA the highest debtor country in the world with $14.5T in debt? What is the plan to reduce the debt?

[yogfthagen]

07:52 AM on 06/15/2011

Let's explain it in very simple terms.
The debt ceiling will be hit in the very near term.
Any efforts to reduce government spending to equal government revenues IN THAT TIME FRAME would be the equivalent of the government not spending ANY money for four months. The results would be disastrous to the US and world economies. If you don't believe me, check out what is happening in Ireland, Greece, Spain, and Portugal in terms of severe austerity measures being enacted. Ireland's GDP has dropped 20%.
If we do not raise the debt ceiling, the government will default on its debts. It will not pay them. Aside from being a direct violation of the US Constitution (14th Amendment), it will ensure that the US is no longer seen as a safe credit risk. IF the US is able to borrow money after that point AT ALL, it will ahve to pay VERY high interest rates. And that means you, as a consumer, will ALSO have to pay very high interest rates. Aside from the other results, like the US Dollar becoming worthless on the international scene, hyperinflation spreading through the US economy, and a general economic crisis that will make September 2008 look like a hiccup.
There IS a long-term plan to balance the budget and start paying down the debt. Government spending has already dropped 8%.
But this crisis is about TODAY, not in the next 5-10 years.

[yogfthagen]

07:58 AM on 06/15/2011

And I forgot to mention. The debt ceiling is a completely arbitrary line set by Congress. It has zero relevence to what the US is capable of borrowing. Check out interest rates on US government debt. They're still startlingly low, because, despite all the talk about teh debt ceiling, US debt is still considered "safe."
Take away that belief, and then the US will not be able to borrow AND pay the high interest rates. And then the US will be, officially, bankrupt.
By raising the debt ceiling, the US loses nothing.
By NOT raising the debt ceiling, the US loses it's credit rating, and possibly its very existence.
Now, should we raise the debt ceiling?

[Jodi Rubin]

10:35 AM on 05/17/2011

Another crook.

[notright guy]

03:00 PM on 05/16/2011

No incentive? oh so they can buy the remains of our country and then own EVERY square inch. I see, makes sense for the rich to feel this way. Buy low sell high. Le Pricks au le elite.

[ZeraLee]

05:15 PM on 05/13/2011

I wrote this in Nov. 2005 concerning republicans and incentives:

"Legislation to fund many of the nation’s health, education and social programs went down to a startling defeat in the House Thursday, led by Democrats who said cuts in the bill hurt some of America’s neediest people.

Democrats, unanimous in opposing the legislation defeated Thursday, said it included the first cut in education funding in a decade and slashed spending for several health care programs. “It betrays our nation’s values and its future,” said House Democratic Whip Steny Hoyer of Maryland. “It is neither compassionate, conservative nor wise.”

Republicans said they may have lost votes because this year’s bill, down $1.5 billion from last year, included no special projects or earmarks for lawmakers. “You take those out and you lose the incentive,” said Rep. Tom Davis, R-Va., who voted for the bill. (AP)"

"Lose the incentive??? Are legislators so corrupt that they cannot fulfill their responsibilities without selfish expectations? Do they need an incentive to do the right thing? Can they do the right thing in the face of special interests? Why does it take so much national outrage before they even attempt the appearance of working for the interests of the average citizen? Are they legislators for the greatest country on earth, or are they spoiled children that have to be bribed to do their chores?"

Republicans have simply shifted focus from taking pork to hamstringing government.

[TeraWatt60]

01:01 PM on 05/13/2011

"No incentive for Republicans..." read we want the economy to tank so we can blame the Democratic Administration then we can claim to "rescue" it   just like our philosophical brethren in Italy of the 1920's and Germany in the 1930's

[FACTISFACT]

04:05 AM on 05/13/2011

"Senate Republicans shouldn't lift a finger to raise the nation's debt limit, argued Sen. John Cornyn on Tuesday. The Texas Republican, who is in charge of the GOP's political strategy for 2012, made the case that his Republican colleagues should leave it to Democrats to do the politically unpalatable, yet economically crucial, deed.

“We should vote against it, and let those people who vote for it explain why they couldn’t stop the spending spree,” Cornyn told reporters."

My respected American Elders, war veterans, brothers, sisters and my dearest youngsters, please go through the quote above of a senior Republican Senator. To assess and see how Republican lawmakers in power are that plans to play with our lives and country's future at the behest of a foreign country's interest.

In addition, also see the Republican Presidential Candidates and find out as to who are these people, they are all rich people trying to become the President of US to squeeze the last of blood of the poor and middle class Americans.

I do not need to explain, please, just go through the above quoted statement of a Republican senator, it will reveal and prove beyond any shadow of doubt the criminal thinking of these Republicans to distance themselves from the damage they would create and blame the Democrats to take the credit.

Democrats must keep their hands off and force the Republicans to accomplish their responsibilities first. .

[dlo2]

01:23 AM on 05/13/2011

Texas republican politics gestates creatures like this who has no problem raising his own limitless indebtedness to big corporate business and the deep pockets of Kochlike ilk. Very challenging to be a man of sincerity and conscience and simultaneously be a republican representative in Texas. We look forward to a future day when Texas Dems take over Texas and create fresh air and new hope for all Texans.

[Chris Rautmann]

09:38 PM on 05/12/2011

Superficial?
If the debt limit is not raised, the US will default on the debt, throw the US and world economy into full on depression (if it survives at all) and possibly spark several wars.
But, apparently, avoiding those consequences is just "superficial."

[Eris23Skidoo]

09:10 PM on 05/12/2011

Yeah, John Cornyn has zero incentive to help get our economy on track too. I mean, if Obama got credit for it wouldn't that be bad for Cornyn's party? Republicans are doing everything in their power to keep the economy down at least until after they can get a white man into the White House.

[mari2JJ]

02:22 PM on 05/13/2011

Actually as a moderate Republican I still hold these Republican skallywags responsible for our budget mess. Remember, THEY were in charge when they conducted the trumped up non-essential war that GW pushed for so he could look like he was as competent as his daddy. Strangely, he blew that idea also while ruining our economy. I guess they think even Republicans have amnesia on this issue.

[Texas Aggie]

09:05 PM on 05/12/2011

“There’s no incentive at all for Republicans in the Senate to vote for it,” said Cornyn,

I guess that says all we need to know about his concern for the economic well-being of the US. He is willing to risk sending our country into a mess that makes the Great Depression look good, but he doesnt consider preventing that to be an "incentive."

I have written to this jerk on several occasions, him being my senator, but the only responses I get from him are really inane form letters that prove beyond a shadow of a doubt that the Texas school system fell into the abyss long before the present State Board of Education came along. The only reason my kids turned out well is that they got their early education in Africa and had no access to TV so they had to learn to read.

[Eris23Skidoo]

02:31 PM on 05/13/2011

The republican senators in Idaho are just about that unresponsive. I bet they're like that elsewhere too.

[SpringDoc]

06:07 PM on 05/12/2011

Does your swearing in oath to serve in Congress not count as an incentive, Mr Cornyn?
You were elected to serve the voters, not your party or corporate America, Mr Cornyn.

[gregory57]

05:27 PM on 05/12/2011

I wonder if the President could raise the debt limit by Executive Order if necessary. Anybody know for sure?

[msblynne]

04:42 PM on 05/12/2011

Cornyn can play the tough guy to help himself get re elected, and know that the Dems will figure out a way, as usual, to save our credit rating. It's a no-lose situation for him, though I doubt if he understands, or cares, what defaulting would do to us financially. He is a pandering nobody.