[Congressional Record Volume 155, Number 29 (Thursday, February 12, 2009)]
[Senate]
[Page S2170]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            STIMULUS PACKAGE

  Mr. McCONNELL. Mr. President, we have not seen all the details of the 
deal between House and Senate Democrats, but some of the early reports 
suggest this bill has only gotten worse. The President has asked for 40 
percent in tax cuts; this bill falls short of that. But Congressional 
Democrats did make sure it contains billions in questionable, 
nonstimulative projects and the most highly touted tax cut in the 
original proposal now translates to $7.70 a week for middle-class 
workers.
  This bill was meant to be a stimulus that was timely, targeted, and 
temporary. Unfortunately, it appears to be none of the above. Democrats 
in Congress have said this plan will help ensure long-term economic 
growth. Yet the CBO suggests that over the long term, this bill will 
result in an economy that either declines or remains flat. The only 
thing we know for sure about this bill is it will lead to more debt for 
our children--and that is just the beginning. This week, Congressional 
Democrats are handing the taxpayers a bill for $1.2 trillion. Soon they 
will spend $400 billion to finish spending from last year. We are being 
told to get ready for untold hundreds of billions for the financial 
industry.
  Since taking over Congress and the White House, Democrats have been 
making up for lost time with a Government spending spree on the 
taxpayers' credit card. Even without this massive spending bill, the 
deficit continues to grow. Yesterday, Treasury reported that the first 
4 months of the fiscal year, the deficit rose to $569 billion. That is 
nearly $500 billion more than the same period last year.
  Let me repeat that. According to Treasury, we ran a deficit in the 
first quarter of this fiscal year that is nearly $500 billion more than 
the same period last year. You do not have to be Suze Orman to know 
this is not sustainable.
  I know everyone involved believes their efforts will help strengthen 
the economy and create jobs. No one should doubt that everyone is 
trying to do the right thing. My concern is not with the motivation 
behind these efforts but the wisdom of these efforts. Everyone wants to 
help Americans get back on their feet, but we need to do it smartly. In 
my view and in the view of my Republican colleagues, this is not a 
smart approach. The taxpayers of today and tomorrow will be left to 
clean up the mess.

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