Cornyn: Defense Cuts Would Be 'Arbitrary And Reckless'

By Adrianna McGinley

At the Hudson Institute Wednesday, Sen. John Cornyn (R-Texas) warned that sequestration following a possible supercommittee failure would have a disastrous impact on national security.

“I worry that our strategic thinking is being driven by dollars and cents more than common sense,” Cornyn said. “If this process fails, and I hope and pray it does not, then … the base defense budget would be cut 14 percent in real terms over just three years.”

Cornyn cited that the sequestration cuts would be in addition to $489 billion in defense cuts under the Budget Control Act and roughly $180 billion of efficiency cuts recommended by former Defense Secretary Robert Gates.

“This should really be a time for rebuilding and retraining and not retreating,” Cornyn advised. “But retreat is the only way to describe what would happen if our military forces are required to live under this sequestration process.”

Cornyn said military leadership is trained not to panic, but “you can hear their frustration and you can hear grave concern in their voices that America’s strategic commitments are being defined not by the requirements but by budgets. They’re frustrated that under the sequestration process the cuts would be arbitrary and reckless.”

The Senator said however that concerns over how the Pentagon spends money should not be disregarded. Rather waste, fraud, and abuse should be aggressively fought. He specifically alluded to financial mismanagement at the Department of Defense citing that it has not been able to produce an “auditable financial statement,” and although the department is not required to do so until 2017, he said it was “shocking” that it could not do so now.

Cornyn joked that the twelve members of the “Super Committee” have more power than any group of Americans since those who wrote the constitution and said they must make use of that power.

“Failure really should not be an option,” Cornyn said. “What would it say to not only the American people…what would it say to the markets, what would it say to the world about America’s seriousness of dealing with these problems?”

Bloomberg Urges Super Committee To Go Big, Promotes Higher Taxes For All

By Andrea Salazar

New York City Mayor Michael Bloomberg called on federal lawmakers Tuesday to seriously address the nation’s debt and deficit by allowing the Bush tax cuts to expire.

In a speech at the left-leaning Center for American Progress in Washington, D.C., Bloomberg touted the plan put forth last year by President Obama’s debt commission. The proposal co-crafted by Democrat Erskine Bowles and Republican Alan Simpson, featured large spending cuts, scaled-back tax breaks, increases to personal tax rates and tweaks to federal entitlement programs like Social Security and Medicare.

“The spending cuts in Simpson-Bowles, plus Clinton-era tax rates, plus closing some tax loopholes and ending wasteful subsidies would save $8 trillion and effectively bring our budget into balance by 2021,” Bloomberg said during a speech at the Center for American Progress in Washington.

Bloomberg warned that the current deficit committee’s goal of $1.2 trillion in cuts “would be almost as bad as getting no deal at all.” He called that figure “a drop in the bucket” compared to the nation’s $14.6 trillion debt.

“It will allow Congress to walk away from real deficit reduction until at least 2013.”

Calling for “a flatter and lower” tax, Bloomberg called on President Obama to allow the Bush tax cuts expire for all tax brackets.

“All income groups have to be part of the solution,” Bloomberg said. “It’s fair to ask those who earn more to bear more of the burden. That is the whole idea behind a graduated income tax,” Bloomberg said. “But all of us should help carry the load.”

However, the Mayor, who also happens to be the 12th richest person in the U.S., acknowledged that his recommendations are not a “cure-all,” adding that entitlement, tax and immigration reforms are also necessary.

Addressing the gridlock in Congress, Bloomberg pushed Democrats and Republicans to compromise. “We are not going to be able to cut our ways out of the problem and we’re not going to be able to just tax our ways out of the problem,” he said. “We must do both.”

“All sides have to be willing to give on something,” Bloomberg added. “We don’t have to slaughter the sacred cows but we do need to get a little milk from them.”