Cornyn Response to the President’s Speech Addressing S&P Downgrade

Today, I issued this statement following the President’s speech today addressing Standard & Poor’s downgrade of the U.S. credit rating:

Standard & Poor’s warned us in April, and again in July, that absent serious fiscal reforms, our credit rating would suffer. The President responded by failing to produce a plan, while Senate Democrats responded by blocking the one proposal that may have averted a downgrade.

The Administration continues to play the blame game, and now offers only the promise of a plan. Rather than condemning S&P officials or demagoguing House Republicans, the American people want to see this Administration, for the first time, pull its collective head out of the sand and take this crisis seriously.

The recent downgrade and the President’s track record of failed economic policies only reaffirms my belief that Washington requires a straitjacket on federal spending, in the form of a balanced budget amendment.


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How can you make statements like this with a straight face.  You had your chance to save us from this debacle.  There was the Simpson-Bowles plan, the Gang of Six and the "grand bargain" on which your own Speaker Boehner and the President had agreed. No, you and your tea party friends wanted my wife and me and other retirees to  bear all the burden of correcting the deficit created by the Bush tax cuts to benefit you and the other millionaires, two wars of choice, and the attempt to recover from the financial disaster of 2008..  Any one of the plans balancing budget cuts and tax reform would have saved us from this, but you selfishly refused to give up your pledge to Grover Norquist.  Who made him God, anyway?  You  own this economy now! . 

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