(WASHINGTON) — In this week’s Republican address, Texas Sen. John Cornyn warns Americans of ‘Taxmageddon’ — or what the GOP says will be the “largest tax increase in American history” without action by Congress and the president.
“Make no mistake: every single working American will see his or her taxes go up on January 1st absent action,” Cornyn says in the address. “Family budgets will be squeezed even tighter. Disposable income will shrink. And many jobs will be destroyed.”
WATCH Sen. John Cornyn, R-Texas, deliver this week’s GOP Address:
Copyright 2012 ABC News Radio
Jim Acosta and Daniella Diaz, CNN
Stephen Collinson, CNN
Madison Park and Frank Pallotta, CNN
David Goldman, CNN