February 8th, 2009
04:45 PM ET
9 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. Unitedusa

    The Republicans have for the last 8 years done nothing but put this country in a tail-spin to disaster. So, how dare the great Hon., Rep-Shelby have the audacity to warn that the Stimulus will lead to disaster! At least, finally, an effort is being made to revive his country.

    ...And contrary to all people like Shelby that do nothing to provide any type of resolve. But simply stand on the sideline and criticize others that are earnestly working to provide resolutions for the greater good of America and its place in the World - the Stimulus will prevail.

    February 8, 2009 07:19 pm at 7:19 pm |
  2. Shelby White

    I tried to send Senators Specter-Snow & Collins an E-Mail with this question- Why did you not stand up for The American people & Vote NO for a Stimulus bill you Knew will Not be for Our Benefit. We need No more big spending since the Money for it Doesn't Exist anyway. Please Listen to the People & Change your mind & Vote No.You are "ALL" suppose to Serve The people-Just Do It- That would be The Change – We the people want. Thanks.

    February 8, 2009 07:19 pm at 7:19 pm |
  3. dave

    But what's his plan? he didn't answer it this morning. If you going to complain how something isn't going to work give a solution. Anybody can say the sky is falling.

    February 8, 2009 07:19 pm at 7:19 pm |
  4. steve

    Well, stomping your feet and having a tantrum on the senate floor isn't going to fix things, either.

    February 8, 2009 07:19 pm at 7:19 pm |
  5. Reality Check

    Hey Richie, So what do you call what Obama said the other day? Wasn't that "scare tactics" as well?!

    February 8, 2009 07:20 pm at 7:20 pm |
  6. Kristen

    Once again, CNN gives voice to the GOP on the stimulus. The ratio of media cov on the stimulus debate has been 4:1 GOP. This is the second entry about Shelby. How about quoting some of McCaskill or Frank's statements earlier today?
    For those of you on the fence about this stimulus debate, just remember that the same people who just 2 decades ago supported legislation forbidding blacks and whites from marrying are the same people who oppose this bill. They're also the same people who gladly handed Bush 100's of billions for Iraq but now want nothing for you. They know it will work and are trying to block it to prevent the Dems from becoming more popular. They don't give a rip about you, Somehow CNN has decided to take their side.

    February 8, 2009 07:20 pm at 7:20 pm |
  7. Dee

    Isn't it time to put country above party and pull together to help the truly needy people in this land. These people have no pensions, no great savings, no lifelong health insurance and their IRAs are fast disintegrating. They are not one step from losing their vacation home or Mercedes but one step from losing their ONLY home and their ability to eat next week. Sad when really rich people can begrudge helping the less fortunate.

    February 8, 2009 07:20 pm at 7:20 pm |
  8. Anonymous

    Where were all these fiscally responsible people during the Bush administration.

    February 8, 2009 07:20 pm at 7:20 pm |
  9. Susan in NC

    More Republican fear-mongering and divisive maneuvering.....yada, yada, yada.........does it never stop?

    February 8, 2009 07:21 pm at 7:21 pm |
  10. Ernie in LA

    Obama has got his butt covered either way. If his stimulus works, he is the Lord and Savior. If it fails, he did all he could and it was still all of Bushes fault for leaving all of this mess for him to fix.

    February 8, 2009 07:23 pm at 7:23 pm |
  11. Everyone is a critic (hmwk blog)

    Everyone is a critic. It is so true. If Obama said we are not going to spend any money people would find a problem with that, just like they find a problem with his current proposal. America is already billions and billions of dollars in debt, and let us face it, we are never ever ever going to be out of debt. So, what is a few more billion dollars really going to do? I mean our economy is totally screwed whether we spend more money or not. The difference is that this proposal is an attempt to fix our current situation as opposed to simply sitting back and watching America fall apart. At least Obama is making an effort to help. I do not see those who are complaining doing anything to try to ease the hurt of the recession. Now granted, recession is normal in any economy, but America is not your typical economy. When we grow, we really grow. When we peak, we peak high. But, when we fall, we fall hard. And when we hit rock bottom, we bottom out. Why is this relevant you ask, well if you do not have a typical economy, then you will not have your typical response. A normal response to a recession would be to ride it out- accept the recession for what it is and then move on. So, I do not see why spending money is such a big concern. It is not like we are spending money just to spend money like little kids do when they buy monopoly property just to buy monopoly property- all willy-nilly and such. Basically I am saying that the people who are opposed to this economic stimulus plan are just complaining to be critics because they do not want to put the effort in to help and try to make things better. How can anyone know if this will work or not. Who is to say anything will help. Maybe America is just doomed economically, maybe not. The best thing to do right now though is try. Try to fix and try to help. Don’t just sit by and criticize.

    February 8, 2009 07:23 pm at 7:23 pm |
  12. daniel cabrera

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


    Need I say more?

    February 8, 2009 07:23 pm at 7:23 pm |
  13. Erika, KS

    Oh Please! You people have no credibility. We can't believe anything that any republican or democrat for that matter, who has been in Congress since George W Bush was first "elected" has to say. Republicans spent like there was no tomorrow. Democrats rolled over and played dead for them.

    February 8, 2009 07:24 pm at 7:24 pm |
  14. Ernie

    Sounds like Shelby and Limebog had lunch together. These guys want Obama to fail so bad they are actually campaigning for his failure. Isn't that sickening? They are worse than the traitors and terrorist, (Cheney and his sidekick Bush).

    February 8, 2009 07:24 pm at 7:24 pm |
  15. little Wallace

    Hes the incarnation of George Wallace.He wears his frown with pride,just like a true bottom feeder.

    February 8, 2009 07:24 pm at 7:24 pm |
  16. Stephanie from Dallas, TX

    Hmm if the Republicans cared so much about stimulating the economy and helping create jobs then WHY DIDN'T THEY DO SOMETHING FOR THE PAST 8 YEARS? Oh that's right...they don't believe in regulating and making sure the greedy crooks do not take over the economy because and spending billions of dollars into a war that was pointless...most of them are Republicans. Thanks for the past eight years of that. Hypocrites. You don't have a leg to stand on in this situation. The longer they complain and be sore losers over the election and are trying to keep some kind of control in the government by holding off this bill, the deeper the hole becomes that the country has to crawl out of. Our country cannot wait any longer. Please get off your butts and do something, because it should have been done yesterday!

    February 8, 2009 07:25 pm at 7:25 pm |
  17. palmbeach florida

    Give it a rest, Goatlife.

    February 8, 2009 07:25 pm at 7:25 pm |
  18. Alice Newman Center Harbor NH

    Republican politics as usual: their failed policies got the country into this mess.

    And a shout out to whichever Steve (and his foolish followers) who post about the Democrats controlling the country for the last two years:

    Senate 49 Democrats + 49 Republicans and Lieberman: Small majority in the House and the Republican president lurking in the White House with his Republican Veto Pen!

    Pathetic attempts to rewrite history won't fly. Time for the GOP to take responsibility for the GNP!

    February 8, 2009 07:26 pm at 7:26 pm |
  19. Rushpublicans dragging down America

    Shelby is like an arsonist complaining that the fire department is using the wrong size hoses.

    Shelby is pathetic.

    February 8, 2009 07:26 pm at 7:26 pm |
  20. mark

    How are Americans going to pay dearly? We can't even pay PERIOD!!

    February 8, 2009 07:26 pm at 7:26 pm |
  21. Ernie in LA

    To K Fergus.. Obama is now the President and we are still spending $10 Billion a month in Iraq. When we pull out of there, we will be spending $10 Billion a month in Afganistan.

    February 8, 2009 07:27 pm at 7:27 pm |
  22. jonah

    The GOP wants Obama to fail because if this stimulus package works, they are toast. I think that the Dems should be telling this country that the GOP is like Limbaugh, want Obama to fail.
    I heard a commentator, though, saying that the GOP is playing checkers while Obama's playing chess. I hope this is true. Any thoughts?

    February 8, 2009 07:27 pm at 7:27 pm |
  23. ttofast70@comcast.net

    Where was this idiot for the last eight years? Rot with the rest of the repukelicans.

    February 8, 2009 07:28 pm at 7:28 pm |
  24. joe

    'Fear-mongering' at it's best!

    February 8, 2009 07:28 pm at 7:28 pm |
  25. Dayahka

    We ARE in disaster, Shelby old chap, and it is you and you and you and you–all Republicans–who got us into this mess because when it mattered all you great super patriots crawled under a rock or stuffed your heads down into the sand and allowed a cretin to destroy the country. What utter cheek for you vermin to come crawling out of your holes now, at this time, and warning of disaster.

    February 8, 2009 07:28 pm at 7:28 pm |
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