Senator John Cornyn (R-Tex.) Photo Credit: musicFIRSTcoalition (Flickr)
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The U.S. Senate will vote soon on financial regulatory bill that could provide relief for thousands of unemployed Texans, but Republican John Cornyn says he will oppose the measure. More from TPR’s Terry Gildea.
July 14, 2010 · Tucked inside the bill is a provision to extend federal unemployment insurance benefits that have already expired for numerous Americans. More than 100,000 Texans have lost that safety net, and many are depending on the passage of this legislation for some relief. But because funding the bill means increasing the federal deficit, Senator Cornyn says he will oppose it.
“It’s simply irresponsible to continue to spend money that we don’t have, particularly when I have supported and we have offered alternative packages that extend unemployment insurance benefits on a temporary basis for the people who need it, but having it paid for. I think that is the way we should go so I will continue to resist additional deficit spending,” said Cornyn.
If passed, the bill would also put in place some measures to regulate activity on Wall Street with the hope of avoiding a financial meltdown, similar to the one that occurred in 2008. The House passed the bill last month, including the extension of unemployment benefits. |
