February 10th, 2009
10:30 AM ET
5 years ago

Stimulus plan is 'theft,' some lawmakers warn

Democratic Sen. Byron Dorgan wants more transparency in how stimulus money will be spent.
Democratic Sen. Byron Dorgan wants more transparency in how stimulus money will be spent.

WASHINGTON (CNN) - As President Obama warned of "catastrophe" if the government doesn't spend more than $800 billion to recharge the failing economy, some lawmakers equated the measure to "theft."

"This is more money that's ever been contemplated in the history of our country," said Democratic Sen. Byron Dorgan.

Republican John McCain calls the bailout "generational theft," a transfer of wealth from future generations to today's leaders.

"We are robbing future generations of Americans of their hard-earned dollars because we are laying on them a debt of incredible proportions," he said.

The numbers are staggering. Obama's package is more than $800 billion. President Bush's bailout plan was $700 billion. Add to trillions promised by the government in loans and potential spending to soothe the financial crisis. It all equals a mind-boggling sum, not including the interest on all that money.

President Obama appeared before a national audience Monday night to make the case for the roughly $838 billion economic stimulus plan.

Full story


Filed under: economic stimulus
soundoff (185 Responses)
  1. Will-South Dakota

    The GOP are Soooooooooooooo out of touch and in such a state of Denial of what everyday Americans go through each day.

    February 10, 2009 12:59 pm at 12:59 pm |
  2. Rachel in Nebraska

    McCain is senile and needs to be replaced in the next election. The man has ZERO credibility... PLEASE to those of you in Arizona, fight to elect someone instead of McCain. This guy is a joke! He fought for years against Bush's tax cuts for high income people, now he is for them! He still says he is "proud" of his campaign!! Either he is a complete liar or senile. Either way he does not belong in public office anymore. The GOP are acting this way because they are frightened. They know that they will not be able to continue their crooked lying ways!

    February 10, 2009 01:00 pm at 1:00 pm |
  3. Ms. Johnson, Pearland,Texas

    John McCain has proven that he is not a deep thinker. He thinks in sound bites and speaks in them as well. He questions the intelligence of the American people with his stupid statements of theft. Let's talk about the theft of over 4000 lives in Iraq, 10,000 wounded veterans, let' talk about how your friends are rich from the backs of poor people. How about the fact that for the majority of his adult life John McCain has received a check from the federal government.

    February 10, 2009 01:01 pm at 1:01 pm |
  4. Kevin

    THEFT?!? Is that what I'm hearing from the Republican Party? They're calling the Stimulus Plan a "theft"? Isn't that like the cat calling the kettle black!! YOU JOKERS ARE RESPONSIBLE FOR THE MESS THAT WE ARE IN RIGHT NOW!!!!! What part of that statement don't you get?

    First, you AND the previous administration got the wild burr up your tails to OUTSOURCE EVERY JOB that decent Americans would've taken to stimulate the economy, then you squandered the goodwill the world gave us after 9/11 to go after oil in Iraq, not mentioning ignoring the the warnings about it and having a dangerous terrorist organization get back their strength 10 fold their pre-9/11 numbers, then YOUR BOY Greenspan says" OOPS" about deregulating AND letting Wall Street run fancy free and McCain had the audacity to say that "The fundementals of our economy are strong", only to panic mid campaign and goto D.C for an embarrasing impromto Senate Hearing to vote on a STALLED Bailout plan, AND NOW YOUR FRIENDS ON WALL STREET ARE GIVING THEIR EXECS $18 BILLION IN BONUSES!!! And the final indignation: NOT ONE OF YOU BASTARDS VOTED FOR THE BILL, HYPOCRITICALL SIGHTING THAT YOU WANT TO SEE SOME BI-PARTISANSHIP FROM THE OBAMA ADMINISTRATION!!!

    UNLESS YOU WANT TO SEE WASHINGTON FROM THE INSIDE OF A TOURBUS, I ADVISE YOU TO DO WHAT IS RIGHT AND HELP FIX THIS MESS THAT YOU CREATED, AND GO ALONG WITH WHAT OBAMA WANTS TO DO WITH THIS COUNTRY, OR YOU WILL FIND YOURSELVES LINED UP WITH YOUR MASTODON FRIEND IN THE MUSEUM, AND WE LEAVE ALL UP TO THE DEMOCRATS TO GET US OUT OF THIS CLUSTER FRACKING CESPOOL!!!

    OBAMA, MY MESSAGE TO YOU IS SIMPLE: TO HELL WITH THE RNC, AND TO HELL WITH BI-PARTISANSHIP!!! DO WHATEVER IS NECESARRY TO GET THIS COUNTRY WORKING AGAIN!!!!

    February 10, 2009 01:01 pm at 1:01 pm |
  5. adl@optonline.net

    I just don't get how all you people can blame one party. Where were your Democrates for four years. We know where Pelsoi was. She was writing her book. Where was Obama and his wife four years ago. Didn't hear about them getting the vote out for Kerry. Reid was saying everyone should own a home and got Fanny and Freddy in trouble. There is enough blame to go around for both parties. I was a Democrat but now am going to vote for who I feel can do the job no matter what party he/she belongs to.

    I did not vote for Bush and was against the war when eveyone told me I was wrong. It was not one person but all of Washington's fault. We should have had a clean sweep.

    February 10, 2009 01:05 pm at 1:05 pm |
  6. Pam

    Senator McCain just doesn't get it!
    Not all of us have multiple homes and rich relatives.

    Does he not understand why he was not elected President?

    February 10, 2009 01:05 pm at 1:05 pm |
  7. Randy S.

    I really wish all you dunderheads would quit whining about the last 8 years. I'm no Bushy, and I'll be the first to admit he screwed up big time. That is currently a non-issue, the issue is whether a trillion dollar problem can be fixed by throwing another trillion+ at it.

    Another aspect you oh so well-informed voters aren't even considering is the amount of money being printed and fed into the money supply by all this.

    Can you say double-digit inflation in the next year to year and a half.

    For a clue (many of you need one) Google Weimar Republic and inflation and inform yourselves about what's in store for us.

    This bill is only going to send our current recession into a depression. But never fear, I'll be one of the first with an "I told you so."

    February 10, 2009 01:14 pm at 1:14 pm |
  8. BillPa

    Is there any question about federal funds traceability with any corporation receiving bailout dollars

    The Govt funds are incremental so all admin and ops expenses which should come from the companies own cash. The taxpayers dollars shold go straight to the problems not the administration of the problem

    The Military has a MILSTD to track contract costs; can it be of use??? If not why?

    February 10, 2009 01:28 pm at 1:28 pm |
  9. Angie in Pa

    John Mccain the Nerve of that slime after Bush/Cheney Sold us out For Big oil,War in Iraq,And wealthy friends on Wall St and where was fake a$$ Maverick CHEERLEADING BUSH HELPING HIM What a sorry piece of-- Mccain is!

    February 10, 2009 01:33 pm at 1:33 pm |
  10. The lonely Libertarian of Liverpool

    censored by CNN again and again, thank-you sir may I have another?

    February 10, 2009 01:45 pm at 1:45 pm |
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