February 8th, 2009
04:45 PM ET
9 years ago

Stimulus will lead to 'disaster,' Republican warns

WASHINGTON (CNN) - Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster."

"Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."

Shelby, of Alabama, told CNN's "State of the Union" that the package and efforts to shore up the struggling banking system will put the United States on "a road to financial disaster."

But Lawrence Summers, the head of the administration's National Economic Council, said Republicans have lost their credibility on the issue.

"Those who presided over the last eight years - the eight years that brought us to the point where we inherit trillions of dollars of deficit, an economy that's collapsing more rapidly than at any time in the last 50 years - don't seem to me in a strong position to lecture about the lessons of history," Summers told ABC's "This Week."

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soundoff (400 Responses)
  1. Trysh in Los Angeles

    He means a disaster for the life of the Republican party.

    See ya!

    February 8, 2009 05:07 pm at 5:07 pm |
  2. MMC

    Your party is a spiritual and ethical trainwreck. Go back to Dixieland and utilize your right to bear arms and aim them at your face.

    February 8, 2009 05:09 pm at 5:09 pm |
  3. Cindy

    Puleeease... the sky is already falling, and now we're suppose to listen to those that put us here, and fear the sky falling.

    Do something you guys! Stop bickering, stop trying to scare us. That stuff like "If Obama wins, the terrorists will be dancing in the streets" scare tactics need to end. now!

    February 8, 2009 05:10 pm at 5:10 pm |
  4. 2010

    Republicans have already led to 'disaster,' Americans warn....

    February 8, 2009 05:11 pm at 5:11 pm |
  5. Val in MA

    That's right. Democrats should fix the banking system first that they screwed up by allowing mortgage loans to be given to anyone, even those that couldn't afford them. Once the banking system is fix everything will fall into places.

    February 8, 2009 05:12 pm at 5:12 pm |
  6. ATL

    And his solution to avert the disaster: More tax cuts for people making 250K or more.

    February 8, 2009 05:13 pm at 5:13 pm |

    Are these guy's serious? There the clowns who put this country on the road to ruin.

    February 8, 2009 05:13 pm at 5:13 pm |
  8. Fan of Common Sense

    Finally! A voice of reason and sanity! Thank you, Senator Shelby.
    This is more than just lousy, wreckless legislation. It's a crime!

    February 8, 2009 05:14 pm at 5:14 pm |
  9. shoegazer

    The country is already"paying dearly",for the ruinous policies of the Republican administration of Shrub and cohorts.

    February 8, 2009 05:15 pm at 5:15 pm |
  10. JoeTheAccountant

    What a doofus. This guy is certainly not part of the solution, so he must be part of the problem. Let's get out of Iraq and spend the money on our vets. Someone, please throw shoes at this clown.

    February 8, 2009 05:16 pm at 5:16 pm |
  11. KLS

    Giving out taxpayer's money last year without any conditions on how it was spent was a huge disaster!!!! Why not work together and come up with a plan - now isn't that a novel concept. This mess didn't happen overnight or during the last two years but it was at least 8-years in the making. It's time to stop the finger pointing and get down to work for the average American!!!

    February 8, 2009 05:17 pm at 5:17 pm |
  12. Gabriel

    Simply astounding that this arrogance is allowed to prevail.
    As they say ' SHOW ME THE MONEY' other than criticizing and moaning why not offer alternatives or 'partner with your colleagues' .....Genius is telling us that all I stress ALL of the package will doom us....not one good thing in it........yet every economist and realist might argue differently....

    this is all about pandering because there are no other ideas to offer....better to do nothing.....guess your paycheck is ok right?

    February 8, 2009 05:17 pm at 5:17 pm |
  13. Pat from Atlanta

    What's been a disaster is 8 years of Republican mismanagement of the economy – taking us from surplus to deficit. That's what the man in the street knows, and no amount of Republican bluster can hide it.
    The Republicans are utterly irresponsible – they stand in opposition and offer more of what got us in this mess in the first place.

    February 8, 2009 05:19 pm at 5:19 pm |
  14. bea

    what is wrong with these people...they obviously do not want to see the Obama Admin succeed.....now i am convinced.

    February 8, 2009 05:20 pm at 5:20 pm |
  15. Marie

    It is odd that the issues over the stimulus bill is not to help the economic going but to keep it at a stand still like now. If people are not working how can they pay their bills. How can the banks get money from people who is either living in their calls, on the street on homeless shelters.

    With all the people that is getting laid off including those that is already laid off with no income coming in, how can money get back into the main stream. But then again those of us that are considered dumb and stupid, we just go along with the program. The things that need to be voted on now is how to get the money in people pockets that are not working. Start jobs again for people to work.

    February 8, 2009 05:20 pm at 5:20 pm |
  16. change in America

    Look at the Republican crying like babies look what Bush did for American no plan for nothing aleast President Obama is trying to help American people to get jobs the Demoncates are trying there best ..Wake up American vote the Republicans out the office.

    February 8, 2009 05:20 pm at 5:20 pm |
  17. Seth

    Funny...I was certain that a majority of Americans voted for Obama so that he could fix the economy...not you. Get in line behind the President and help him help us.

    February 8, 2009 05:20 pm at 5:20 pm |
  18. Meka


    February 8, 2009 05:23 pm at 5:23 pm |
  19. John

    Richard Shelby John McCain are nothing but a bunch of lying hypocrits. They sit there and try to say this is going to cost American families and their children in generations to come but yet I have not heard one word from them on what it will cost American families and their children when GW went ahead and spent money in Iraq and for the Financial Bailout. Who is going to pay for the war in Iraq you supported My Shelby and Mr McCain. Who will end up paying for the 700 billion you gave to the banks and morgage companies that your so called great Leader Bush ran up like there was no tomorrow. But now that this is going to help the average American family, you start yelling about who is going to pay for it. You are nothing but a bunch of Two-Faced Lying Hypocrits who care more for your rich friends than the American people. Your days are numbered. All republican days are numbered. America spoke once with a clear message and come 2010, they will speak again when every last one of you is turffed from office. Only then will America get anything done for the average citizen. Americans have long memories and they do not forget who the liars and crooks are who caused this mess in the firstplace. Say goodbye to your jobs. You deseve everything you get, you lousy bunch of bums. You should be taken out and hung up for what you have done to Americans.

    February 8, 2009 05:23 pm at 5:23 pm |
  20. S.Positive

    Thats what these idiots said at the beginning of Clintons administration as all they know is tax cut for the rich and leaving a bid deficit

    February 8, 2009 05:24 pm at 5:24 pm |
  21. Obama's Big Adventure

    Let me understand this. A junior senator from IL who was in the IL State Legislature just 4 years ago, who admittedly has absolutely ZERO national economic experience, is advocating that this country spend $1 trillion (inclusive of interest) to stimulate our economy despite the fact that there has NEVER been a spending stimulus that has EVER helped ANY country out of a recession.

    Add to that that many billions will not be spent for 3-4 years; that many billions have nothing to do with stimulus; that there is nothing in the bill to save homes; that the Pork is dripping from the bill; and that the House and Senate will now play politics to reconcile the two bills – meaning the decisions made over the next couple of days will be based on politics and constitutents and have nothing to do with the economy; and this is supposed to represent "change"

    I applaud the republicans for standing up and talling americans what this Pork bill is all about.

    February 8, 2009 05:24 pm at 5:24 pm |
  22. bankrupt USA

    Where was Shelby during the last 8 years of fiscal irresponsibility by Bush and the Republican Congress? What spending bills did he vote against and/or filibuster? The financial disaster was created by the Bush economic policies which Shelby supported. Obama only has 19 days in office.

    February 8, 2009 05:26 pm at 5:26 pm |
  23. Terry B.

    "Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly."

    The Grumpy Old Party had it's chance for six straight years when you had control of Congress and the White house and you and your bunch of monomaniacal mongoloid Republicans kept telling us..."Only tax cuts can spur the economy and create jobs"... so I will ask you Mr. Shelby the same thing I ask ALL REPUBS, after huge deficits and job losses under George W. Bush, HOW IS IT WORKING OUT FOR YOU SO FAR?????

    Now go back to Alabama and shut up. You and the GOP simply DON'T GET IT, DO YOU!!! Oh yeah, take the rest of your Republican dolts who think like you with you so you can sit around and have a big group hug and sing kumbaya because that is the only love you are going to get anywhere.

    February 8, 2009 05:27 pm at 5:27 pm |
  24. Georgia Gal

    Oh yeah, because the GOP's way has worked so well for the last 8 years. I think Shelby and the rest of the GOP just need to sit down and shut up.

    February 8, 2009 05:27 pm at 5:27 pm |
  25. beawhoisaskingGodtomoveonbehalfofUSA

    May God save this country from the greed in washington.

    February 8, 2009 05:27 pm at 5:27 pm |
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