Cornyn: Last-minute plan would be irresponsible

Last Updated: Tue, Jul 05, 2011 01:20 hrs

Republican Sen. John Cornyn says it would be irresponsible for President Barack Obama to present a last-minute proposal in the budget debate.

Appearing on "Fox News Sunday," the Texas Republican says time is running out for the president and the Republican leadership in Congress to negotiate a deal with an Aug. 2 deadline looming to raise the government borrowing limit.

Cornyn lowered expectations on his previously stated willingness to consider closing tax loopholes.

The senator says there isn't enough time between now and the Aug. 2 deadline to reach a comprehensive agreement on tax reform that would lower rates and close tax loopholes. He made clear that it's an issue that must be left for later.

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