Sis Boom Borrow
Rather than demand fiscal discipline, John Cornyn is a cheerleader for borrow and spend budgets designed to provide political cover for the national Republicans. Cornyn’s “rah rah” rhetoric doesn’t erase his votes for spending plans that have resulted in budget shortfalls ranging from almost $250 billion to over $400 billion.
- Cornyn on Republican Administration’s budget for Fiscal Year 2004.
“As for the argument that this proposal would cause greater deficits, I disagree.” (Cornyn Floor Speech, U.S. Senate Wednesday, May 07, 2003)
Fact: The deficit for 2004 was $412.7 Billion, the highest in history. Cornyn voted “Yea.” (Source: White House Budget 2008, Historical Tables H. Con. Res. 95, Senate Vote 134) - Cornyn on Republican Administration’s budget for Fiscal Year 2005.
“The President’s budget request sets meaningful limits and recognizes the priority of federal spending restraint over the next year.” (John Cornyn, press release, February 2, 2004)
Fact: The deficit for 2005 was $318.4 Billion, the third highest in history. Cornyn voted “Yea.” (Source: White House Budget 2008, Historical Tables, S.Con.Res. 95, Senate Vote 58) - Cornyn on Republican Administration’s budget for Fiscal Year 2006.
The budget “funds the top priorities and insists on spending restraint elsewhere….The President has clearly shown his commitment to being a good steward of taxpayer dollars” (John Cornyn, press release, February 7, 2005)
Fact: The deficit for 2005 was $248.2 Billion, the seventh highest in history. Cornyn voted “Yea.” (Source: White House Budget 2008, Historical Tables, H. Con. Res. 95, Senate Vote 114)
US Surplus/Deficit | |
---|---|
Year | Deficit/Surplus |
2001 (Last Clinton Budget) | $129.3 billion SURPLUS |
2002 (Cornyn Elected) | -$157.8 billion DEFICIT |
2003 | -$377.6 billion DEFICIT |
2004 | -$412.7 billion DEFICIT |
2005 | -$318.3 billion DEFICIT |
2006 | -$248.2 billion DEFICIT |
2007 | -$244.2 billion DEFICIT |
*Estimated |
(Source: White House Budget 2008, Historical Tables)
“Debt-puty” Lap Dog
In order to cover yearly deficit spending, the United States must borrow enormous sums and ultimately repay with interest. Since John Cornyn entered the Senate, US debt has exploded – increasing by $2.55 trillion – and now totals more than $8.8 trillion. Just since entering Congress four and a half years ago, John Cornyn has already cast two votes raising the US debt ceiling. (Source: S.2986, November 17, 2004; H.J.Res.47, March 16, 2006)
Deficits = Long Term Debt
(Source: The Daily History of the Debt Results –Bureau of Public Debt the Treasury Direct)
Who Totes the Note?
Just like a bank holds the note on a car and a mortgage company holds the note on a house, the US turns to underwriters to support its multi-trillion dollar debt. With John Cornyn’s support, the US debt has grown so large that foreign countries that are US competitors in the world market, and some that are hostile to the US, “tote the note” on our enormous debt.
US Debt Owned by Foreign Countries | |
---|---|
Country | US Debt Owned |
China | $407.4 billion |
Oil Exporters* | $121.3 billion |
Brazil | $81.6 billion |
*Oil Exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.
(Source: Department of the Treasury/Federal Reserve Board, July 17, 2007)