[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/POLITICS/02/08/congress.economy/art.sen.shelby.gi.jpg caption="The country will "pay dearly" if it executes the president's stimulus plans, Sen. Richard Shelby says."]
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."