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John Cornyn: “The President's budget will actually create deficits…”

Featuring: John Cornyn, Republican | U.S. Senate, Texas

Floor Statement The Impact of President's Proposed Budget on Future Generations

Published March 25, 2009 | Video Starts at 08:22

I've already talked about it a minute, but of course we were shocked, and I think even the President and the Administration were shocked by the Congressional Budget Office. The non partisan office which evaluates financial matters for Congress, says that The President's budget will actually create deficits averaging nearly $1 trillion a year for the next decade. I mentioned the fact it would double the debt in five years, triple it in 10. (08:22–08:30)

CLAIM

Asserts that the President's budget will lead to significant annual deficits.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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John Cornyn

“This proposed budget calls for $1.4 trillion in additional net taxes over the next 10 years.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 01:50-01:58
“50% of [small businesses] will experience higher tax rates because many of them are not incorporated.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 02:28-02:35
“The president's budget wants to import [a cap and trade scheme] from Europe that will actually ultimately increase the cost of energy…”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 03:39-03:50
“This budget would actually cap charitable contributions, which will actually reduce the tax incentive for individuals to contribute money to…”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 04:46-04:57
“We've spent more money since this Congress convened this year than it has been spent for the Iraq war, the war in Afghanistan, and in…”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 05:36-05:48
“This budget calls for doubling the debt in five years and tripling the debt in 10 years.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 05:49-05:56
“We found out that one next bill, which is a $410 billion omnibus appropriation bill, that lo and behold, Congress had actually doubly funded…”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 06:32-06:46
“It would double the debt in five years, triple it in 10.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 08:30-08:34
“The size of the national debt as a percentage of the economy will become the highest since the years after World War II.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 08:35-08:44
“Students who start college this year will see their share of the national debt grow from $19,000 per student to more than $36,000 per…”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 08:43-09:05
“Their share of the debt will grow to more than $55,000 per person.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 08:59-09:05
“The next generation will either have to raise more taxes or cut programs that are necessary or lower their standard of living.”
Floor Statement The Impact of President's Proposed Budget on Future Generations | Uploaded March 25, 2009 | 09:49-09:58