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."
Conservative states will turn down funding for food stamps? That might be tricky. Food stamps act as an agriculture subsidy. Iowa is turning that down? Yeah, right.
Still, I expect them to stick to principle, and turn down "pork".
Thank you Kristen. The coverage on CNN today is so one-sided that it is ridiculous. I wish Rachel had a weekend show.
Summers is absolutely right. These guys suddenly care about deficit spending? Now, they want to scrutinize the qualifications of administration officials? Cabinet members? agency directors? Are they Rip Van Republicans or what? They've rubber stamped every White House request for 8 years without removing their blindfolds. It's a little late for them to whine about spending and pretend to be conservatives.
Shelby's just another republican mouthpiece and a loose cannon.
If they oppose it on principle so very strongly then they should refuse any funds for their state. See how long they'd stay in office then. But of course they won't – they want the cash without the culpability....
The GOP lost all credibility when they allowed the country to get in the shape it's in. After hearing that many of the gop who are against the Stimulus packet haven't bothered to read it tells me they're full of crap.
Who cares about credibility! Is Shelby right?
YOU PEOPLE ARE ALL PATHETIC WHERE DO ALL YOU IGNORANT PEOPLE THINK THIS MONEY IS COMING. JUST PRINT IT THATS THE LIBERAL AGENDA. YOU CANT JUST PRINT THIS KIND OF MONEY WITHOUT ANY CONSEQUENSES.THIS BILL WILL NOT CREATE JOBS.
Who will pay the 360B in interest once the infrastrucure projects are done? A new road or new bridge can not produce anything that will bring foreign dollars in to this country!
The GOP had eight years. This is the system: one party messes up, the people look to the opposition party to try something else. Sorry that's the way it is. America put the Democrats in d.c. for various reasons
Usually people who waste lots of time and get nothing done at their place of work are reprimanded or fired. Only in the non-private sector could invalids like these repubs keep their jobs after accomplishing jack-squat. Way to go!
The one highlight of Obama's first 2 1/2 weeks is that he was right after all when he said, "You can put lipstick on a pig…but it's still a pig."
Kill that Porky Pig Bill now.
How can we borrow money to provide jobs when it all has to be paid back with interest? This is the government doing what we did, applying for a new credit card when the others are maxed. Did borrowing more solve your problem at home???
Why are you blocking me.
That guy looks like Frasier. He's far less cool though...
the question we American people need to ask these republiklans is: What is your plan other than tax cuts that has put the american people in this economic disaster for the last 8yrs?!
it's good to have a fit like a 2yr old who is suffering from convulsion, but what is your solution BIG MOUTH Shelby?!
sit idly by and do nothing?!
pork spending to create jobs ordinary americans is way better than trillions of dollars of wasteful spending for Irakis in an unjust war! – go figure!!!!!!!!!!
Senator Shelby in the words of a song "If the South would have won I'd have made." The south lost and so did the republican party . The American people will no longer be fooled by you and your Southern regional party. Talking in your southern drawls and sounding as ignorant as you look.
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
umm,, so they knock obama,, well hes not the one who apporved millions of dollars over and above what these companies needed,,, hes not the one who started this mess,, hes not the one who didnt care that the prsident knew about us americans gettin hit b4 911,, hes not the one who raised gas prices whay over and above what they should be,,, hes not the one who raised taxes and made a mess out of the economy,, OBAMA IS TRYIN TO "FIX" THIS MESS THE BUSH ADMINISTRATION MADE,,
And now that is really Disaster with no facts or data to show that.....
Remember Obama's claim is backed by facts when job losses come out every friday.
I am crying out loud for my country for heavenly sake!
Where did those trillions of dollars disapprear? If they are dormant then printing one trillion dollar would have noimpact on inflation. If they come back to the system, interest rates will go up. We will be OK. Don't worry about it Senator. Can you please focus on locating trillions of dollar looted by someone or a few?
umm,, so they knock obama,, well hes not the one who apporved millions of dollars over and above what these companies needed,,, hes not the one who started this mess,, hes not the one who didnt care that the prsident knew about us americans gettin hit b4 911,, hes not the one who raised gas prices whay over and above what they should be,,, hes not the one who raised taxes and made a mess out of the economy,, OBAMA IS TRYIN TO "FIX" THIS MESS THE BUSH ADMINISTRATION MADE,, LETS DO IT THIS WAY,, LETS CUT 90% OF THE WAGES THESE "BIG SHOTS" GET AND CUT OUT TOTALLY THE BONUSES THEY GET ALSO,, AND SEE IF THEY "FEEL" THE CRUNCH..... LETS HAVE THEM TRY TO MAKE IT ON WHAT THEY GET FOR A PAYCHECK AFTER THE CUTS,,,,STOP KNOCKIN THE PRESIDENT WE ELECTED,,, GIVE IT TIME,, LOOK AT HOW LONG IT TOOK BUSH PEOPLE T MAKE THIS MESS???????
President Obama has demonstrated that Republicans would rather pull this country down than give up their tax breaks; it's time for President Obama to start ignoring them and start getting the stimulus done. While he is at it, he can fire Larry Summers and replace him with Paul Volker–I will sleep easier if he does.
i often wonder what planet the right wing repubs live on. what reality do they live in? he thinks everyone on the street supports HIS point of view? not obama's? what planet....?
Shelby is not fear-mongering as much as Obama has been. Anyone with any sense would see that putting us more in debt will not help the economy. It would not cost a lot to do what Kennedy and Reagan did in poor economies- cut taxes.