By Daniel Strauss - 11/30/12 07:48 PM EST
The provision is meant to avoid the standoff that occurred in the summer of 2011 when Obama struggled to win congressional Republicans' consent to raise the debt ceiling.
Cornyn went on to say that the proposal was "irresponsible."
"It's profoundly irresponsible," Cornyn said. "So that's a crazy idea and I'm amazed that Secretary Geithner had the courage to float that yesterday."