DALLAS - With just weeks to go before wrapping up nearly two decades in the U.S. Senate, Kay Bailey Hutchison said Monday that she's working as hard as she ever has - especially in trying to help Congress avoid the looming fiscal cliff.
But Texas' senior senator predicts no one will get everything they want out of the deal."I hope there is a balance," Hutchison said as she and Sen. John Cornyn spoke to nearly a thousand community and business leaders at the Dallas Citizens Council's 75th Anniversary luncheon at the Omni Dallas Hotel. "Everyone has to win some and lose some."We can't just be talking about tax increases," she said. "It has to have cutting our spending."Hutchison, who will leave office early next month, is trying to use every last minute in office to wrap up as many congressional issues as possible before she leaves.Congressional leaders and the president are trying to hammer out a plan before the end of the year to avoid tax increases and government spending reductions that without any congressional action would go into effect next year. These cuts were triggered by a supercommittee's inability last year to identify ways to significantly cut the federal deficit over the next decade.Both of Texas' senators said they are encouraged by ongoing discussions and negotiations.But he said many issues must be addressed, including the fact that Medicare and Social Security are unsustainable. If the country wants to preserve the programs, he said, "we need to pay attention to them now."At the same time, he said leaders need to cut spending now and not just promise future cuts somewhere in the future.And he said the Bush tax cuts must be addressed. Proposals to let the top tax rates revert to pre-Bush tax cut rates might help, but that would just amount to a drop in the financial bucket."We need a balanced approach," Cornyn said. "Not just a 'feel good' raise taxes on the rich" plan.Hutchison said she believes leaders will reach an agreement."Both Republicans and Democrats know not coming to an agreement ... would be a big blow to our economy," she said.Cornyn and others took the opportunity of Monday's gathering to pay tribute to Hutchison's years of service.Hutchison, a former University of Texas at Austin cheerleader and TV reporter, was the first female Republican elected to the Texas House of Representatives in 1972 and the first Republican woman elected statewide as state treasurer in 1990. In 1993, she was elected to the U.S. Senate when she beat Democrat Bob Krueger in a runoff to replace Lloyd Bentsen, who left the Senate to serve as treasury secretary.After losing a bruising gubernatorial bid to Gov. Rick Perry in 2010, she announced she would not seek another term in the U.S. Senate. U.S. Sen.-elect Ted Cruz was elected to follow in her footsteps, and represent Texas, along with Cornyn.Cornyn pointed out one of Hutchison's chief congressional accomplishments was the creation of a "Homemaker IRA," which lets spouses who don't work outside the home save for retirement through an IRA. He said he's co-sponsoring a bill to rename that IRA after Hutchison.During the luncheon, a video was played with tributes from a variety of Texas leaders - including former President George W. Bush, Dallas Mayor Mike Rawlings and U.S. Trade Ambassador Ron Kirk - thanking Hutchison for all she has done for the state during her time in office.Hutchison said she hopes that practicing law and public speaking engagements will be among the things in her future - along with plenty of soccer games with her two 11-year-old children."I hope to have a very vigorous future," she said. "I am so looking forward to coming home, being part of the community."Anna M. Tinsley, (817) 390-7610Twitter: @annatinsleyHave more to add? News tip? Tell us
