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. Xavier

    The only disaster I see is the GOP and its racist, fear mongering rhetoric. Go jump off a cliff and die already GOP, youve done enough harm to our country already.

    February 8, 2009 08:36 pm at 8:36 pm |
  2. Shawn Brown

    The GOP are acting like a bunch of old men who need their medicine. OMG! Why dont they just be more supportive and go back to their states and encourage the American people to get involved, support their communities, and families. Why must they be so negative?? I cant see anyone that I know that would ever consider joining the Republican party. They are a bunch of HATERS!!!!

    February 8, 2009 08:39 pm at 8:39 pm |
  3. Eugene

    When God asked the Republicans to come up with one good idea, a hushed silence fell over the gathered throng.

    February 8, 2009 08:39 pm at 8:39 pm |
  4. Hammer

    The unemployment numbers were up in the 600,000 jobs lost in the months Nov. DEC. and JAN. , thats up from about 60,000 in SEPT.,and OCT. . Remember what happened in NOVEMBER? Obama was elected President on NOV. 7.
    Does it not seem that this is the business reaction to the new president?

    February 8, 2009 08:39 pm at 8:39 pm |
  5. RON

    AS A CITIZEN OF ALABAMA.I THINK SEN, SHELBY IS A COMPLETE JOKE SPEAKING AGAINST THE STIMULIS PLAN.HIS PLAN IS THE SAME FAILED POLICY OF THE LAST 8 YEARS.SEN. YOUR PARTY LOST.GET OVER IT.

    February 8, 2009 08:39 pm at 8:39 pm |
  6. Texas Teacher

    All the Republicans know to get their way is fear tactics.... the sky is falling... we must have this or that.... we must do this or that... especially if it will make us richer! :) The sky is falling has worked for them in the past... and they just can't give up on that one tactic! Poor pitiful Repubs.. they actually think they are talking logic!

    Fool us once, same on you... fool us over and over and over again.... shame on US... I hope we have learned our collective lesson finally!

    February 8, 2009 08:44 pm at 8:44 pm |
  7. BUSHED!!!

    @daniel cabrera February 8th, 2009 7:23 pm ET
    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? No Shut the H_LL UP.......And Bush and Cheney were the Best for 8 YRS LOL!!!!

    February 8, 2009 08:45 pm at 8:45 pm |
  8. Hi. My name's Bob, and I'm a Republican.

    blah blah blah TAX CUTS blah blah blah NO blah blah blah TAX CUTS blah blah blah OPPOSE blah blah blah TAX CUTS

    February 8, 2009 08:45 pm at 8:45 pm |
  9. rose

    This is to Bob C. Amen to that. I could not have said it any better.

    February 8, 2009 08:45 pm at 8:45 pm |
  10. WHAT?!

    Oh, and the last eight years didn't have us on a path to financial disaster???

    February 8, 2009 08:47 pm at 8:47 pm |
  11. Susie

    Why didn't the republicans ever complain when we were spending trillions monthly on an unjust war. NO WAY could they ever criticize their own party!! And yet they did nothing right in the 8 years they were in office. If you read the comments made daily on CNN, most people agree with how the repbulicans are very arrogant, and don't want this Administration to Win!!

    February 8, 2009 08:48 pm at 8:48 pm |
  12. Marc

    Daniel Cabrera – Obama's only option is NOT FOLLOW GWB's AGENDA. That way he may not be able to undo all the damage that the 43rd prseident did to the country, but at least he won't gonna make more damage.
    To all those who are 'remembering' that for the past 2 years the Congress was in control of the Dems... True, obvious true, as well as the fact that GWB vetoed ANYTHING that seemed to have a Dem stamp on it making the slim majority of the Democratic Party not very useful for the Party political stands.

    February 8, 2009 08:48 pm at 8:48 pm |
  13. Mernoush

    and republicans' economic policy led to prosperity??!!!!

    February 8, 2009 08:48 pm at 8:48 pm |
  14. Red State Mama

    Financial Diasaster?
    +$230b Surplus in 2000... -$407b Deficit in 2008
    Where's The Money?

    February 8, 2009 08:48 pm at 8:48 pm |
  15. David In West Virginia

    Senator Shelby with the help of his fellow republicans of the like of John McCain whose campaigned the the economy was in great shape, have done everything in their power to make this recovery a disaster. The best they could do is give themselves tax breaks and no contributions except whinning. If it fails, Shelby, you are partly the blame as it was under your dear George Bush that you scroundrels placed America in financial ruins. So don't go blame Obama for the mess your party created.

    February 8, 2009 08:48 pm at 8:48 pm |
  16. Mike Harley

    Yep, it will a disaster alright. All those unemployed black folks might get an opportunity to work in the construction industry, get a mortgage, buy a home, obtain healthcare, etc. Heck, we don't want that now do we? We have already witnessed a "disaster" Mr. Shucks Bee, it was called the Bush administration, and you were a big part of it. Don't be such a gutless coward republican for once and actually put your country first, not your idiotic rhetoric. Your time is over.

    February 8, 2009 08:49 pm at 8:49 pm |
  17. LB

    I dont want to wake the sleeping Republican Senator....but, the disadter has already happened!!

    Thanks to 'trickle down' economy which didnt trickle and stimulus to big banks in trouble that was used to buy other big banks in trouble and pay big bonuses to the great thinkers in the bank.

    Enough GOP...go straight to the shame corner!!

    February 8, 2009 08:49 pm at 8:49 pm |
  18. wildflower

    Yep, it will lead to disaster, all right. Disaster for the Republicans when the people realize the Democrats are right on this, and vote the dittoheads out of office.

    February 8, 2009 08:52 pm at 8:52 pm |
  19. Simmy

    *******************************************************************
    To daniel cabrera,

    My comments with a lot of substance are not posted for the BRAIN CAPACITY of the moderator or moderators ,..that 'brain capacity' is not enough to understand squat. So, that is life,..you see I have to write very simplistic so they can catch it.

    Actually,…I think they erase/dicart them as soon they reach the 7th line
    WAHHH !

    COCOZOID?, WACKADOOS?, or just plain inept FUZBALLS? take your pick,…ha-ha-ha-he-he-he
    *****************************************************************
    .....And you wonder why your comments are not posted huh? LOL!

    February 8, 2009 08:52 pm at 8:52 pm |
  20. Natasha in tally

    Under 8 year of King George Bush we have hit rock bottom. Nowhere to go but up!!!!!!!!!!!!!!!!!!!!!!

    February 8, 2009 08:52 pm at 8:52 pm |
  21. suzyku

    The only disaster is not voting these republican idiots out of office!

    February 8, 2009 08:53 pm at 8:53 pm |
  22. Bob

    If the Republicans can waste a trillion dollars in Iraq, I reckon it is OK by me to let the Democrats waste a trillion dollars in the US.

    February 8, 2009 08:55 pm at 8:55 pm |
  23. gwen

    Doesn't this guy know that we are already in financial disaster, thanks to his party!!!!! Silly!!!!

    February 8, 2009 08:56 pm at 8:56 pm |
  24. TINY TOWNHALL

    Blah, Blah Blah.

    How dumb is this stimulas?
    There has been too much hand outs that have not worked and we are going for more of the same.
    Really bright!
    Bail out the big guys?
    NO!
    IT IS WRONG TO FORCE AMERICANS TO PAY FOR OTHERS FAILURES.
    It's like we have a bunch of do gooders who are behaving like the good parent ... you know, when the kid falls they rush in to rescue.
    You are all grown up people, aren't you?
    THINK!
    FOCUS!
    AND REALLY THINK IT THROUGH,
    KEEP YOUR HAND OUT AND THE CYCLE WIIL CONTINUE.

    February 8, 2009 08:56 pm at 8:56 pm |
  25. Brian Daugherity

    This is such a ridiculous ploy by Shelby. He doesn't know anything about the economy, no college degree in banking or finance or anything related. Ask ANY PhD in this country; we are ALREADY in the midst of a financial disaster–created by Shelby, Bush, and their cronies the last 8 years. He needs to shut up and try to do something constructive, stop playing politics as usual.

    February 8, 2009 08:58 pm at 8:58 pm |
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