Cornyn: Administration Doubling Down on a Bad Bet

WASHINGTON - U.S. Senator John Cornyn (R-Texas), a member of the Senate Finance Committee, issued the following statement after President Obama's speech today announcing his plan for a second stimulus:

"The Administration is now doubling down on a bad bet-that higher taxes and more government spending will help grow the economy and create private-sector jobs. But Americans know that the Administration's stimulus was anything but stimulating.

"President Obama promised the American people that his trillion dollar stimulus would create 4 million new jobs and keep unemployment under 8 percent, but it failed miserably by their own standard. Now with Election Day just around the corner, the President is asking for a mulligan.

"Americans have heard this Administration claim that reviving our stagnant economy and creating private-sector jobs was their top priority, but the rhetoric has far outpaced its performance. A second stimulus that raises taxes, increases government spending and creates more bureaucracy will only lead to more uncertainty, a greater lack of confidence, and, ultimately, stagnant job growth."

Senator Cornyn serves on the Finance, Judiciary, Agriculture and Budget Committees. He serves as the top Republican on the Judiciary Committee's Immigration, Refugees and Border Security subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.