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Cornyn: Obama 'crazy' to claim unilateral debt ceiling power

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"It's like saying we maxed out our credit card so I'm going to get a new credit card with no limit so I can keep spending. There needs to be some accountability here and, so far, we're spending 42 cents out of every dollar in Washington and that's borrowed money. And that's money that our kids and grandkids are gonna have to pay back."

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."