February 8th, 2009
04:45 PM ET
6 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. Nicholus

    Obama is going to have to decide between bi-partisan efforts and leadership. The GOP is for the Party, not the country. When you compromise with them, the country looses. Now is the time for leadership. The GOP are largely responsible for this mess. They need to be relagated irrelevant.

    February 8, 2009 08:05 pm at 8:05 pm |
  2. Frost

    I see the republicans now as spoiled misbehaved children. Throwing their little No vote tantrum. Then they get their hands on it.. cut military funds when they started the war.. you can have guns but no bullets. They scream the children the children.. the future for the children at every chance they get from the blacks will ruin our children, the gays will ruin our children.. then what do they do.. cut education...

    this is really starting to show up black and white and just how ridiculous and just plain silly and out of date the republican party is.

    February 8, 2009 08:06 pm at 8:06 pm |
  3. Dylan from MN

    Everything, not just some things, or most things, but EVERYTHING that I've heard from the right has been negative. Every post made by a Republican on this site is negative, everything said by Republican Senators, Representatives, Governors, Mayors and etc. has only been negative. How are you suppose to attract new people if everything your party says is vile? I'm sick of making things more complicated than they have to be, we can get through all of this if we just work together. President Obama is calling us to act and he's giving many of us a glimpse into what the world could be like if we abandon the current one. And there are many of you who meet this with cynisism, but our actions and (positive) thoughts will prove your words to be empty.

    ***please post!!!***

    February 8, 2009 08:06 pm at 8:06 pm |
  4. Bobo

    Sad Loser! Sad! Fear mongering galore it's the only tactic they know.

    February 8, 2009 08:07 pm at 8:07 pm |
  5. Rampage

    Ever have an original thought?
    I thought not.

    February 8, 2009 08:08 pm at 8:08 pm |
  6. Where the CHANGE is

    FInally....a Repub standing up for what is right and saying what the PEOPLE are saying! A logical person would not bury themselves in debt, not have a plan to pay back the debt and feel good about it. Wait....that was how we got here in the first place! The dems need to reevaluate what they are trying to do to the country. This is the big government version of a Jumbo ARM mortage, maxing out all the credit cards and buying a $50,000 SUV...PLEASE DON'T DIG US LOGICAL SPENDERS DEEPER INTO THE DEM FINANCIAL DEATH SPIRAL!!!!

    February 8, 2009 08:08 pm at 8:08 pm |
  7. CJ IN alabama

    SEN. SHELBY ,
    YOU CAN TAKE IT FOR WHAT IS WORTH , I FOR ONE HAVE VOTED FOR MY LAST REPUBLICAN IN ALABAMA. THE PARTISONSHIP THat YOU AND OTHERS ARE STICKING TO WILL BE THE DEATH OF THIS COUNTRY. YOUR IDEAS ARE NO LONGER VALID NOR DO THEY FOLLOW MY VALUES ANY LONGER. i
    THE PARTY YOU ARE FOLLOWIING IS OUTDATED AND JUDGEMENTAL AND NO LONGER FOLLOWS MY CHRISTIAN VALUES THAT I LEARNED AS A CHILD AND TAUGHT TO MY CHILDREN. I AM BECOMING ASHAMED OF BEING SOUTHERN WHEN I SEE AND HEAR THE HATE THAT IS BEING SPEWED AGAINST THIS NEW ADMINISTRATION AND PRAYERS THAT IT FAIL ....I AM ASHAMED!!!!

    February 8, 2009 08:09 pm at 8:09 pm |
  8. EW

    ZZZZZZZZZZZZZZZZZZ............Another Republican clown trying to offer advice on the economy that they caused to tank.....thanks but your ideas are not welcome.

    February 8, 2009 08:09 pm at 8:09 pm |
  9. Steve

    Democrats criticized Bush for "fear mongering", yet they seem to be O.K. with Obama saying that we will have a "catastrophe" if we don't approve this pork-filled stimulus bill. Nice double-standard.

    February 8, 2009 08:09 pm at 8:09 pm |
  10. Gerry In Toronto

    These out of date, out of touch, out of ideas GOP operatives just need to be thrown out once and for all. The country tried the trickle down tax cut policies and it failed miserably.

    The countries in the ditch and 600k people lost their jobs in January. It is already a financial disaster, get out of the way, shut up and let the Obama administration fix all the problems you guys created.the

    February 8, 2009 08:09 pm at 8:09 pm |
  11. P. Y.

    Don't you folks know that the Repugs can't go ahead and vote for this bill one way, or the other, until they get their call from Rush telling them what they are to do. He was on vacation all last week so maybe their calls are starting this weekend.

    February 8, 2009 08:11 pm at 8:11 pm |
  12. henry

    That is great! Those of you who live in those areas are lucky to have forward-thinking representatives who care more about you then party politics…… Write them a letter and thank them, I will and I don't even live in those areas…….The party of no is getting very old.

    February 8, 2009 08:11 pm at 8:11 pm |
  13. Carl Justus

    Another republican with more mouth than brains

    February 8, 2009 08:13 pm at 8:13 pm |
  14. jacobs

    I can't think of another guy I'd rather have in a position of leadership right now than Obama.

    February 8, 2009 08:13 pm at 8:13 pm |
  15. JS

    who is daniel cabrera cnn and why do his comments get posted and others have to wait so long or not at all.......I think in all fairness to your readers that you should not decide who and when unless obscene. Let freedom of speech be just that. You want people to comment and then you don't post.

    February 8, 2009 08:13 pm at 8:13 pm |
  16. Tariq

    That is so true.....

    Even if we concede that Republican ideas enacted by Bush were not the cause of current economic disaster....the Bush Administration undeniably presided over the economy for the last 8 years with a Republican House majority in the first 2 years.

    Tax cuts for the rich and deregulation did not even stop or stabilize the economy. In fact, both Bush and Rice admitted that they did not even see it coming.

    So, they can claim anything...but credibility on the economy is just ntof them.

    February 8, 2009 08:14 pm at 8:14 pm |
  17. Tim E

    Alabama should keep Shelby at home and send Saban to Washington. At least he knows what he's doing.

    February 8, 2009 08:14 pm at 8:14 pm |
  18. bluecity

    If Republicans were advising the Captain of the Titanic after it hit the iceberg they would advise him to put the ship into reverse and smash into the berg again because it was still in their way.

    February 8, 2009 08:14 pm at 8:14 pm |
  19. daniel cabrera

    Here is a small remark;

    One more thing, the economy is not as bad as it is said,…when Reagan became president the situation was heavely even worst, and the answer was basically, TAX CUTS !

    This thing of :- “…the economy is this or that …, we are going tobe real bad,,,etc” is a desperate move to inflict FEAR into the minds of the ignorant populache ( the ones that do not get informed) and so they will accept ABSOLUTELY ANYTHING AND EVERYTHING THAT IS TRHOW AT THEM AS AN ANSWER,…they just eat it that way blindly !

    Just remember when all this picture of ‘bad economy ‘ started they said the ‘BLACK-HOLE -TYPE-COLLAPSE ‘WAS ABOUT TO HAPPEN IN FEW DAYS! And now we are in 2009 and they still chanting this FEAR-MANTRA ! ? Oh!, give me a brake !,…America, wake -up !, WAKE-UP NOW !

    Think of this and research.

    sincecrely,
    Daniel Cabrera
    Merrillville,Indiana

    February 8, 2009 08:15 pm at 8:15 pm |
  20. tavon

    You know this just sickens me to my stomach You REPUBLICANS must be on that SYRUP cause when your boy W was up in there YALL RAMMED EVERY THANG YALL COULD DOWN OUR THROATS YOU USED 9/11 AS A WHIPPING POLE AND GUESS WHAT IT WORKED TWICE WE NEED TO VOTE ALL YALL BUMS OUT

    February 8, 2009 08:15 pm at 8:15 pm |
  21. BB

    This is almost as bad as McCain knowin how to capture Bin Laden, but he won't tell anyone.

    If Shelby knows so much, why didn't he spend the last 8 years fixing it.

    Obstructionists – we have to try something – more tax cuts for the wealthy just ain't building the economy. It never has. Keep your ignorant southern mouth shut.

    Stop the war – That's $10 billion a month. Let the Iraqi's do i with THEIR money.

    February 8, 2009 08:16 pm at 8:16 pm |
  22. Chipster

    Rick:

    Just so you will know – Democrats only gained a slight majority in 2006. They didn't have a strong enough majority to override Republican filibusters or a presidential veto. They really couldn't do much of anything with a White House veto waiting at the end of the process. That argument doesn't hold water if you understand anything about the majority requirements. Even now, the Democrats don't have the 60 votes required to block a filibuster. That's why persuading some moderate Republicans is so important.

    February 8, 2009 08:16 pm at 8:16 pm |
  23. LB

    Sorry Shelby but having Republicans in charge of the vault is where the disaster started. I hate partisan politics and right now it's all the Republicans know what to do. Their asinine proposals, indifference to the international community, their faux belief in morals makes it just a party of the uneducated.

    February 8, 2009 08:17 pm at 8:17 pm |
  24. Carl Justus

    Another republican with an alligator mouth and very little brains.

    February 8, 2009 08:17 pm at 8:17 pm |
  25. RW

    If this is the road to disaster, Mr. Shelby please remember that Cheney drove the bulldozer while W steered the steamroller when the road was built. The partisan crap has to end. We're faced with a problem, a big problem. You get paid to fix it. Shut up & do your job.

    February 8, 2009 08:18 pm at 8:18 pm |
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