U.S. Sen. John Cornyn (R-TX) issued the following statement after President Obama proposed a plan to avert the fiscal cliff that included nearly $1 trillion in tax increases, $50 billion in new stimulus spending, and a permanent increase in the debt ceiling:
"Apparently the President wants us to go over the fiscal cliff. This is serious business. Demanding higher taxes, more stimulus, no spending cuts, and no plan to preserve and protect Social Security and Medicare will not solve our fiscal crisis, it will make the crisis much worse.
"Such a "business as usual' approach paves the way for a future that offers more unemployment, more national security risks, less opportunity, and a diminished standard of living for all. That seems to be the path the President has set us on by treating major threats to our economy in such a cavalier way."