- Associated Press - Sunday, July 3, 2011

WASHINGTON (AP) — Sen. John Cornyn, Texas Republican, said Sunday it would be irresponsible for President Obama to present a last-minute proposal in the budget debate.

Appearing on “Fox News Sunday,” Mr. Cornyn said 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.

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

The senator said 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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