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."
Is Congress Really on Our Side?
Every time I watch Michael Moore’s “Sicko”, I can not help but ponder how the richest country in the world has the worst health outcomes! I also can not help but ponder how a country which is a significant benefactor to the rest of the world and doles out significant amounts of money annually to other countries including Afghanistan, Iraq, Israel, Pakistan, Georgia and Liberia has one of the highest poverty rates within its own borders.
While millions of Americans continue to lose their jobs and more than a thousand will lose their jobs and their homes by the end of this week, some members of Congress are in a quandary about whether to vote for the stimulus package, which is aimed at bringing relief to the people who elected them to the offices they now hold. Many members of Congress do not want to support the stimulus package because they think it is too expensive. But these same members of Congress would overwhelmingly vote in favor of some type of aid for some foreign country.
If it is Socialism for Congress to provide economic relief to its own people in these tough economic times, is it not also Socialism when Congress continues to dole out our hard earned tax dollars to many countries around the world in order for the citizens of these countries to get free education and free healthcare? Is Congress becoming the kind of parent who tries to publicly show other parents that she really cares about the welfare of her own children by giving generously to children outside her home but will not do the same for her own children?
Yet, they still have not introduced a plan that will provide what the US economy needs..they love to criticize but don't provide any thing that looks like a solution...
So what is Senator Shelby's brilliant alternative? More tax cuts that put us into this mess? His rich friends haven't gained enough the last 8 years he wants to give them more? How do tax cuts pay for resurfacing our deteriorating roads, replace unsafe bridges, wire our communities for the 21st century, reduce our dependence on foreign oil? The Republicans have NO ideas so all they do is vote NO!
If he 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 wealtht just ain't building the economy. It hasn't ever.
Stop the war – That's $10 billion a month. Let the Iraqi's do i with THEIR money.
thanks for the New Depression, GOP.....
Oh..and the current state of the ecomony isn"t already disasterous. Oh..that's right you guys thought the economy was doing just fine....until it collapsed. I'm still waiting on those 8 years of tax cuts to trickle down to me....the little guy. Republicans always seem to sing the same old song...TAX CUTS. Funny....after all these years you would think it would be a HIT...but it never seems to make the Billboard Hot 100. Republicans it is time for a new TRACK.
Republicans keep harping on about pork barrel spending. To me "pork barrel" means private jets, McMansions, perks. Education, healthcare, housing? That's a staple diet. If you want a healthy economy there's onlyone way to go America. Don't let the Republicans take the future back to the past
I just don't understand how spending millions on projects like Frisbee Golf in Texas can help us out of this mess. Is that better than splitting the money between a group of taxpayers and letting them use the money how they see fit?
Republican Shelby supported Bush on literally every policy, and thanks to Bush and Shelby, now we're on the edge of a second Great Depression. And Shelby is warning that Obama's stimulus bill will cause a disaster?
Lead to disaster? Hmm, that's an odd observation coming from the leaders of a party who, over the past eight years, have literally destroyed my country. As usual, in denial.
Sen. Shelby and his Hooverites have already put this country on the brink of financial disaster.
That expression will lead to disaster, find the man a potty!
Shelby, you should be worried about Jefferson Co., Ala.
They just hired a lobbyist to help them get funds from the government for the $3 billion of water and sewer debt they incurred and cannot pay for.
So this means they don't need any help. Just let them go bankrupt.
Shelby is one of the 'effin' obstructionists who want the US to fail.
Why should he worry, he will still get his money from the foreign car makers.
Shelby is just another republican idiot.....
I wish he would shut up and sit down.
And for all you stimulus naysayers – do nothing and see what happens!
As opposed to the failed policies and leadership of the last 8 years? I'm amazed at how selective we are here. If this would have been voted on prior to election day, the players would be shouting different words!
I think Mr. Summers said it best. It's like the Republican congress has selective memory and forgets what has gone on the last 8 years. What more evidence do they need that strictly having tax cuts won't work?
Seems that americans also have an opinion on the stimulus. I know a lot of very smart people on both sides of the aisle that are stockpiling food and ammunition. When my dem-socialist lawyer friend in a major N.E. dem city goes out and buys a gun, I know we are at the end of days.
These same Republican have us in the mess we are in right now. How are they such an expert now on the economy?
Which package the one to the banks under Bush or the proposed by Obama?
Stop listening to all the republicans and their gloom and doom. They have their own agenda and are using this stimulus as a way to make the American people suffer and worry and doubt. As always, they know not what they're saying and are basically listening to their fearless leader, Rush Limbaugh (the man that wants Obama to fail).
The stimulus will work!!!!!!!!! Wait and see!!!
Amazing that they are still even quoting John McCain, he and the Republicans are the ones whose sheer greed, warmongering, stupidity and global economic and cultural naivity helped drive us and the world to the point of economic collapse.
What will be the most remarkable thing is other than the "stimulus plan" actually working and reviving the country, will be the Republicans "branded" for their incapacity to do anything constructive and bi-partisan, anything other than spew the same tired repetition of the same old financial axioms that don't work, all of which will help literally enshrine the Democratic Party as the dominant political, intellectual and capable civic engine of the people for the next 50 years.
Finally, the republican senators are growing a pair. Maybe they can kill this bill that will do much harm to our economy. They owe it to us after what they and there comrades wrought us in the past decade.
We've already got disaster – the Dems are at least trying to move us forward. People like Shelby are just being obstructionists.
We gave you eight years in the executive branch, two of those with control of the legislative branch as well.
And look at where we are now.
Now you're not offering us any solutions, simply tearing down new ideas being set forth by a president and his administration that has garnered full support from the American public. This after the past eight years where you almost drove this country into the ground.
GET OVER YOURSELVES AND GET TO WORK.
Joe the Computer Programmer Don't Ya Kno