February 8th, 2009
04:45 PM ET
5 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. S Callahan

    Daniel..i'd swear you were a reincarnated Franko from Science Tech....
    comment was funny though.......lots of us feel that way!

    February 8, 2009 07:28 pm at 7:28 pm |
  2. irishny

    Why should he back something thats going to put Americas children in further debt?

    Do you people realise that the trillion dollars have to come from somewhere

    February 8, 2009 07:28 pm at 7:28 pm |
  3. Debra

    I've come to the strong belief that the South, with leaders such as Shelby, should just secede. Perhaps Lincoln was wrong. The rest of the country would be much better off without the loon birds from the South.

    February 8, 2009 07:29 pm at 7:29 pm |
  4. Mark

    REASON REPUBLICANS want the ECONOMY to FAIL....

    Credit DEFAULT SWAP...CDS....

    The more the economy fails...the more they cash in their value of their positions.

    It is a SHAME!

    CRIMINAL....

    February 8, 2009 07:29 pm at 7:29 pm |
  5. libs be dopes

    NoBamo the Great has spoken......there shall be no discussion, no need to read the Bill.

    My Plan will work.......

    Lemmings please fall in to my right.....

    Off to the sea!

    February 8, 2009 07:30 pm at 7:30 pm |
  6. ken-Indiana

    The sad part is that, The President of United states is being swiftboated!

    February 8, 2009 07:33 pm at 7:33 pm |
  7. WillK

    Rick –

    Let's be accurate about the last two years. The Democrats controlled the House of Representatives, not the Senate. Yes, they had a majority in the Senate, yes they could set agenda, but they could not over come the Republican blockade in the Senate – they did not have the 60 votes required. If they had, the Iraqi boondoggle would have been over two years ago.

    Shelby has about as much credibility as Bush and Cheney. One wonders if he would have objected to the auto bailout if his state hadn't paid millions to get the foreign manufacturers to build plants there. And what exactly makes him an economic genius? He supported spending hundreds of billions to rebuild Iraq, yet will not do the same to help his country. Some patriot.

    February 8, 2009 07:33 pm at 7:33 pm |
  8. Cynthia

    You heard what Summers said on This Week with George S. you republicans have absolutely no credibility as far as the economy especially john mccain

    February 8, 2009 07:33 pm at 7:33 pm |
  9. johnken

    Republicans have no shame! i see them as a bunch of DISHONORABLE MEN, who dosen't know when to hide their shameless faces. for eight years their ideas came to naught and instead of allowing someone else try his own ideas, all they do is criticize it. very soon American will cast a vote of NO CONFIDENCE on the entire party leadership. i betcha!!!!!!

    February 8, 2009 07:34 pm at 7:34 pm |
  10. raagos

    ARE U KIDDING ME WE ALREEADY IN STATE OF DISASTER. ALL GOP DO IS TO PUT THIS COUNRTY IN WORNG SIDE. I TRUST OBAMA 100% GOP THEY WANT OBAMA TO GO DOWN SO THEY CAN WE WIN 2016 WHAT ABT US. I AM STILL LOOKING FOR JOB?

    February 8, 2009 07:35 pm at 7:35 pm |
  11. Carol, California

    All of the Repubs who oppose the bill should not be given any of the money for their districts. These clowns want it both ways – they want to vote "no" to cover their butts, yet they still want to take the money.

    No vote = no projects, no funding, period. Make your choice.

    February 8, 2009 07:36 pm at 7:36 pm |
  12. Chickenhawk Shelby

    He knows people in government jobs tend to vote democratic and thats what hes really afraid of.

    February 8, 2009 07:36 pm at 7:36 pm |
  13. daniel cabrera

    Is this is a duplicate or I said it before , then, why the blazes you do not post it?,...are you afraid of people read something different that the 'Obamanizing propaganda? ,

    Well, you see, this 'Obamanization' turned out to be an ABOMINATION!

    I know, that you know ,and that is really eating your liver,..so there is no need to drink a lot of alcohol to blast that liver, right?

    Ok check it out once more;

    Obama options? I would say Obama's ONLY option: RESIGNATION !

    HE IS NOT GOOD FOR THE COUNTRY,…QUITE CONTRARY, HE IS LIKE A 'TROJAN HORSE FACTOR' FOR THE DEMISE OF OUR BELOVED LAND!

    Need I say more?

    still 'too long' or 'repeated'?

    February 8, 2009 07:36 pm at 7:36 pm |
  14. nitin kumar

    first of all, my comments are never posted, is it my name or what?

    second, the repulican party sees the rule slipping away from them, they want obama to fail and fail misreabely, if he doesn't they know that he is in for 8 solid years, and than hillary for another 8.

    Now I wish that we could all just get along, there is no easy way out of this mess, but we can't just sit on our behinds and hope GOD comes down and fixes all this, Everyman is responsible for their own actions and GOD didn't make this mess, BUSH did.

    Stimulus might not be the best way out, but there is no other way. this is truly sad and I can't believe these politicians fight each other just to prove each other wrong at times like this. This is sadder than the recession itself. Shame on them.

    February 8, 2009 07:37 pm at 7:37 pm |
  15. Wolf-Woman Palin Charlotte, NC

    SHELBY, have I got news for you. WE ARE ALREADY IN A DISASTER!

    I am not the least surprised you don't know that; because, for the last eight years, YOUR economic policies have taken us into this DISASTER and you did NOTHING... NOTHING about it. So, do the world a favor and return to those last eight years and continue to SAY NOTHING and DO NOTHING! Let someone else have a chance.

    GO AWAY!

    February 8, 2009 07:37 pm at 7:37 pm |
  16. Zion

    Steve (the real one), I will see if you live up to the name in the parentheses. Name an earmark in the stimulus package. Whenever I challenge people to do this, they can't.

    February 8, 2009 07:38 pm at 7:38 pm |
  17. formerRepublican

    From last week, I am no longer a republican!!

    February 8, 2009 07:40 pm at 7:40 pm |
  18. sandy

    If memory serves me right, wasn't it the Republicans who got us into this mess? They do not want to play partisan politics, the name of the game is "Make Obama fail", the heck with the country. At least Obama is trying to do something to stimulate this economy. All the Republicans do is sit back, criticize and want to cut taxes. IT DOESN'T WORK. We've tried it for the last eight years and look where we are. It was Ok for the Republicans to spend billons on the war in Iraq, no questions asked when Bushy wanted his money. For the good of this great country, I beg the Republicans to get with the program.

    February 8, 2009 07:40 pm at 7:40 pm |
  19. Action

    Hey Daniel Cabrera....how about an original idea that's not on the Republican's talking points? Do you even know what a Trojan Horse is?

    February 8, 2009 07:41 pm at 7:41 pm |
  20. Shelby game

    Hes a union buster and scab for japanese auto companies.He doesnt care about Americans making a living wage or any Americans for that matter just the companies that give him cash for his campaigns.

    February 8, 2009 07:42 pm at 7:42 pm |
  21. Jeanne Beans

    Geez, we're back to back-stabbing simply because of what party you belong to. How about being more optimistic about the good the stimulus package will do? We don't need pessimism at a time like this. This guy is paid to be a leader–so how about leading instead of predicting failure and adding to the current gloom and doom?

    February 8, 2009 07:42 pm at 7:42 pm |
  22. daniel cabrera

    Ok I will go easy on you;

    Even a caveman understand that the so called ‘bail-out’,’stimulus’, ‘rescue-plan’, or any other pet-name can be called is just a waste of time.

    The ONLY thing this move does is to PERPETUATE THE ECONOMICAL MESS THAT THE ALMOST-TOTALLY DEMOCRAT CONGRESS STARTED WITH FANNIE, FREDIE AND ALL THE CROOKS AND THIEVES INVOLVED , BACKED-UP BY THE ‘COVER-UP GROUP – PELOSI,REID,FRANK, DOOD,COX , and others weeds !!!

    That is all to it, check the events !

    And what happens is that Pres Obama and his gang – KNOWING WHAT IS THE TRUTH AND KNOWING THAT THEY ARE NATIONALIZING THE COUNTRY AND THROWING THE NATION TO THE SOCIALISM-MARXIST ARENA, …they do not want to be blame alone after the public DISCOVERS that they had been CHEATED by the present administration,…they do not want to GO DOWN ALONE,…they need to say that also republicans are to be blamed too,…and that is why they are desperately trying to convince atl least some of them.

    February 8, 2009 07:42 pm at 7:42 pm |
  23. luke

    Redundancy amalgamated. Can your brain come up with anything new?

    February 8, 2009 07:43 pm at 7:43 pm |
  24. DA

    The Republicans better get a grip and stop being so self absorb and looking out for their on best interest and help the Country. I mean really are their constituents not hurting like every one else in this Country or they only representing themselves and their rich counter parts?

    February 8, 2009 07:44 pm at 7:44 pm |
  25. daniel cabrera

    See?,..I know you can do it,...and more important ?,...your liver still operational ! HIP-HIP-HOORRAAYY !!!

    You are not so dumb , after all,...pad yourself on your shoulder ..he-he-he-he

    February 8, 2009 07:45 pm at 7:45 pm |
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