August 2nd, 2009
09:21 AM ET
11 years ago

Obama's stimulus plan 'has had some effect,' says McCain

WASHINGTON (CNN) – Sen. John McCain says his former rival for the White House deserves some credit for the beginnings of an economic turnaround in the short term, but adds that the long-term consequences of the Obama administration’s spending could be “devastating.”

The Arizona Republican spoke to CNN Chief National Correspondent John King Sunday in a wide-ranging interview on CNN’s State of the Union.

Asked whether President Obama deserves some credit for recent indicators that the recessionary economy has stopped its freefall, McCain said: “I think it’s very clear that the stimulus has had some effect. But, what I worry more than anything about is the long-term effects, because we are committing generational theft.

”We have put trillions of additional debt on future generations of Americans,” he added.

“In the words of the Congressional Budget Office and others, it is ‘unsustainable,’” McCain said.

“The long-term consequences, I think, are going to be, unfortunately, devastating unless we do something about it,” McCain also said.

McCain’s comments come as Democrats have been ratcheting up their efforts to demonstrate the effectiveness of Obama’s $787 billion stimulus plan which Republicans say has not benefited the economy or eased unemployment as Democrats promised.

Filed under: economic stimulus • Economy • John McCain • State of the Union
soundoff (50 Responses)
  1. Scott L

    @Steve Anderson-

    Will see you at the polls in 2012 when Obama is classified as the worst President in history. He has already spent more than Bush so what are you liberals talking about????

    August 2, 2009 10:48 am at 10:48 am |
  2. evman


    August 2, 2009 11:02 am at 11:02 am |
  3. Mike da man

    Mel Gibson for President!

    August 2, 2009 11:14 am at 11:14 am |
  4. Limbaugh is a liberal

    Generational theft has already been committed by those republicans who kept asking for tax breaks for themselves out of deficit spending! That tax break for them will have to be repaid WITH INTEREST to the Chinese by their own kids and grandkids! Republicans have no right to lecture anyone on generational theft!

    August 2, 2009 11:35 am at 11:35 am |
  5. Deborah Baker

    Mostly, the comments below are flawed partisan arguments, which shows that colleges have not persuaded their students to engage in the "critical thinking" they're supposed to teach.

    August 2, 2009 11:36 am at 11:36 am |
  6. chubby

    It sure has, it has almost destroyed our economy. It created a ton of jobs the only problem most of them had a duration of a week or less and obummer counts them as jobs created or saved. obummer should be impeached or should step down.

    August 2, 2009 11:39 am at 11:39 am |
  7. Drew, FL

    Funny how McCain has been rather silent until reports showed the economy is recovering. Took 8 years to get us into this mess. It's not taking quite so long to get us out. The right is just hating that. They've got nothing left but lies and racist propaganda. Obstructionism is working out for y'all. The left and center are just all a twitter with how twisted the right is getting. Great laughs. LMAO

    August 2, 2009 11:40 am at 11:40 am |
  8. roger

    It took the republicans 10 years to destroy the economy, and Obama has begun to turn it around in 6 months! Sounds like McCain (and the rest of the reps.) are just ashamed to admit what a lousy job they did and resent effective leadership.

    August 2, 2009 11:49 am at 11:49 am |

    WOW McCaion admits the stimulus has had some good effects, WOW!! and his mough did nolt rot off! I am sure Rush will set him straight on the issue.

    The fact is, it takes time for money to flow in a system as big as the USA. There were a lot of negitive forces pushing down and to break the faqll took a lot of effort. Obama did not have to do anything he could have been like Bush and take office and go on vacatin until 911 attaqck. But he was concerned about the coungtry and did the right thing even when it was not the popular thing.

    Taking the hard road shows his real power he is willing to do WHAT IS RIGHT for EVERYONE now just special interest groups. This has the GOP scared and they are trying to damage Obama every way they can with BOLD FACED LIES.

    August 2, 2009 11:51 am at 11:51 am |
  10. MikeH

    Scott L, you are the same person as Chubby. You are a paid Republican Liar.

    Obama's plan only accounts for ~7% of the deficit, the rest is due to your good buddy George W.Bush.

    August 2, 2009 11:59 am at 11:59 am |
  11. TangledThorns

    Many on the Right, including Sean Hannity, have said the Spendulous bill would provide short-term help. However, it'll cause greater problems in the long term.

    August 2, 2009 12:05 pm at 12:05 pm |
  12. Steve from Alaska

    McCain should check his wife's potfolio to see how Obama is doing! I be she is quite happy that the economy has indeed turned around...

    August 2, 2009 12:26 pm at 12:26 pm |
  13. Zero.

    The new Stimulating-Passage of Barack Obama.

    His Back-Passage...

    August 2, 2009 12:29 pm at 12:29 pm |
  14. Chuck

    "Generational Theft"? Doing nothing would be the ULTIMATE theft. If we don't act like responsible adults and fix today's problems we're dooming our children. Our parents left us an America that worked... isn't that the LEAST we can do for the future generations.

    August 2, 2009 12:44 pm at 12:44 pm |
  15. chubby

    Oh MikeH you simpleton. obummer had at least doubled the deficit and the debt in about 200 days in office. That means our 44th President has done what the previous 43 Presidents did not do. You remind me of Ron Whites line. They have a pill or surgery for everything but you cannot fix "stupid".

    August 2, 2009 12:45 pm at 12:45 pm |
  16. Lynda/Minnesota

    Because CNN seems not to understand and thus is willing to continue an agrument that has been floating around now for many months, John McCains "former rival for the White House" just happens to now be the President of the United States.

    As such, he deserves more than just "credit". Mr. Obama deserves the respect of being the President of the United States of America.

    Especially considering that it is President Obama who has had to deal with and come up with solutions however unpopular to help fix the economic mess McCain and his party were so willing to watch become bankrupt.

    August 2, 2009 12:59 pm at 12:59 pm |
  17. Erin

    So the GOP mouths are even admitting now that the stimulus has worked, but still don't think it should have been done because of the "future concequences".

    Umm.. if you can't fix the bleeding NOW – you really don't need to worry about the future because YOU ARE ALREADY DEAD.

    It's like Republicans would rather sit around and do NOTHING and end up killing the country just so they can say "Well, we might be dead, but at least we have very limited government".

    The utter stupidity of that is unfathomable.

    Yes – it's not fun that we have bigger deficits going into the future.. but we need to shore up healthcare, etc.. so we can start paying them down.

    August 2, 2009 01:00 pm at 1:00 pm |
  18. Aunt Bea and Opie

    Thanks for the insight John,now go take your Corporate Fascist nap.

    August 2, 2009 01:04 pm at 1:04 pm |
  19. The black spider

    All top Nobel Price winners said the stimulus plan was not Big enough to have a huge impact in the short term but may have impact in the long term.
    We all dismissed what the experts says and criticize the stimulus of not necessary according to republicans.
    Now i am giving reason to the top McCain economic advisor who said during the campaign that Americans are a bunch of whinners who go by their emotions not the reality.

    August 2, 2009 01:07 pm at 1:07 pm |
  20. stormerF

    McCain still reaching across the isle to an empty sleeve,He needs to retire before he dies in office...Where are the 4 million jobs Obama promised from the stimulis bill?When Un-Employement runs out just watch the States start to whine and complain about the stimulis they took and now have to make up the difference. Why are we still paying Billions in Bonuses to big Banks?Obama was anger at the language in the stimulis bill,because he did not read it,and now he wants to pass a health care bill with out reading it??????

    August 2, 2009 01:08 pm at 1:08 pm |
  21. kishen c.rao

    he is a politician....he wants to say some good....ok....not by his heart...just to say....for people's sympathy...ok...that's all..

    August 2, 2009 01:13 pm at 1:13 pm |
  22. rosanne

    The problem is, we are an instant society. We want everything NOW. We have instant coffee, food, communication. We want it faster and more fast. No one can take a step back and say, this took a LONG time to happen and will take a while to recover. Patience is a virtue.

    August 2, 2009 01:21 pm at 1:21 pm |
  23. rosanne lost the election and then said Obama deserved America's support. I don't see that happening from you or anyone from the Republucan side, If you really want to be supportive, why not get on the talk shows and put and end to the "Birthers". That alone is the most UnAmerican thing circulating the airwaves and YOU could stand up and act like the American you say you are. That would be more noble than criticizing everything Obama attempts to do to help the American people who elected him.

    August 2, 2009 01:24 pm at 1:24 pm |
  24. Claudia in Houson

    Who cares what John McCain thinks when it was he who left the campaign to save the world and stated he couldn't comment on a one page stimulous package because he hadn't read it. That's right one page. FACT.

    August 2, 2009 02:16 pm at 2:16 pm |
  25. Harriett in Chapel Hill

    Why does CNN give this utter blowhard so much credibility? Most Americans were appalled at his behavior during the elections. McLame doesn't deserve being quoted or written about as much as The Villagers are currently doing. Why have these Republican obstructionists on constantly??? Give it a rest, CNN/

    August 2, 2009 02:17 pm at 2:17 pm |
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