The next president and Congress should rescind and renegotiate the new $38 billion 10-year “memorandum of understanding” signed last week between Israel and the Obama administration, Senator Tom Cotton (R-AR) said on Wednesday.

“This is an agreement between two current heads of states,” Cotton said in a speech at the Union of Orthodox Jewish Congregations of America Advocacy Center’s annual leadership mission to Washington, DC. “And I believe that as soon as we have a new president, we should rescind that agreement and give one that is better for Israel and better for the United States.” 

Cotton pointed to the 2004 letter President George W. Bush exchanged with then Prime Minister Ariel Sharon that President Obama refused to accept as setting a precedent of not honoring a non-binding agreement between two leaders. “Since he set the precedent, it’s time that we invoke this precedent next year,” the Republican senator said.

On Tuesday, a group of Republican senators announced they would seek to overturn certain provisions of the new MOU by adding an additional $1.5 billion in military aid to Israel amended to the extension of the Iran Sanctions Act before the end of the year.

Israeli Prime Minister Benjamin Netanyahu, at the start of a bilateral meeting with President Obama in New York, said the recently signed military aid deal “ensures that Israel can defend itself against any threat.”