Cornyn: Growing Debt Giving Rise To China
By Philip Bunnell
Sen. John Cornyn (R-Texas) made the case for passing a Balanced Budget Amendment to the Constitution today by highlighting the link between the growing U.S. debt and China’s military rise.
Cornyn highlighted the potential danger of China’s holdings of American debt, currently estimated to be around $1.1 trillion. “Some folks say there’s no cause for alarm,” Cornyn said. Yet he then noted how a former Chinese general said that “dumping U.S. bonds,” would be an appropriate response to antagonizing U.S. policy.
China, aside from its holdings of U.S. debt, has also become a belligerent security force in the Asian region and is “unsettling its neighbors,” through the conducting of military excercises, Cornyn said. China has claimed the South China Sea, is increasing tensions on its disputed border with India, and is “an enabler of North Korea,” Cornyn warned.
Cornyn criticized President Obama for not accepting Taiwan’s letter of request to buy F16 fighter jets from the U.S. This reflects, Cornyn said, the fact that “China has intimidated US foreign policy.”
A number of Senate Republicans are launching a push this week to pass a Balanced Budget Amendment. Senate Minority Leader Mitch McConnell (R-Ky.) has said that he would like a vote to occur by the middle of July. With all 47 Republicans on board, the effort carries some weight, though actually amending the Constitution would require subsequent ratification by two-thirds of the states.
Cornyn pounced on a quote from then-Senator Barack Obama, who warned in 2006 of the consequences of a growing national debt. The quote, Cornyn explained, was meant to “point out the hypocrisy… and lack of leadership,” coming from Obama on the debate to raise the debt limit again later this summer.
Senate Campaign Chairmen Share Contrasting Visions For Midterms
By AJ Swartwood
The respective Chairmen of the Democratic and Republican Senatorial Campaign Committees met today at the National Press Club and outlined their parties’ plans heading into the midterm elections.
Senators John Cornyn (R-Tex.) and Robert Menendez (D-N.J.) touted their own parties’ visions for the future as they try to rally support for what is shaping out to be one of the most unpredictable election cycles in recent memory.
The message of Cornyn was one of optimism and excitement as the GOP faces the midterm elections, citing the President’s vigorous pre-election campaigning as a last ditch effort to save key Democratic Senate seats. He touted new polls that show Republicans with a large lead in terms of enthusiasm and predicted voter turnout.
“It’s clear that the American people have gotten tired of being lectured to and not listened to,” said Cornyn.
Sen. Menendez, on the other hand, painted a different picture. While conceding that his party faces a variety of “headwinds” before the midterms, he touted the Democratic reform in Senate as being vitally important in saving the economy from even deeper collapse. Furthermore, he made the case that while Republicans have sought to extend tax cuts for the wealthy, Democrats continue to be the party of the middle class.
“They have stood the special interests, with Wall Street, with big banks, with big insurance, with big oil, and we have been fighting for the average person in this country,” he said. “Democrats are on your side.”
When asked about his November predictions, Menendez responded, “I think we will surprise people on November 2nd.”