By Associated Press
July 13, 2009
July 13, 2009
WASHINGTON - Republicans lined up yesterday to oppose a second economic stimulus package, a demonstration of unity from an out-of-power party in search of a rallying cry against President Obama.
Republicans called Obama’s $787 billion spending plan a “flop’’ and said it hasn’t fulfilled its hype. They criticized the White House for increasing the federal deficit and doing little to combat an unemployment rate that hit 9.5 percent in June.
“The reality is it hasn’t helped yet,’’ said Senator Jon Kyl, Republican of Arizona. “What I proposed is, after you complete the contracts that are already committed, the things that are in the pipeline, stop it.’’
Obama urged patience with his program, which administration officials acknowledge was designed with incorrect or incomplete economic data.
Yet the stimulus package “is working exactly as we had anticipated,’’ Obama told CNN. “We always anticipated that a big chunk of that money then would be spent not only in the second half of the year, but also next year. This was designed to be a two-year plan and not a six-month plan,’’ he said.
Republicans, though, were not willing to sit by.
“I do think it is fair to say that the stimulus is a flop,’’ said Representative Eric Cantor, a Virginia Republican. The goal, he said, “was unemployment wouldn’t rise past 8.5 percent, and what we see now is businesses just aren’t hiring. Even the best projections have us losing 750,000 more jobs this year.’’
Billionaire Warren Buffet and other have called for a second round of spending to steady the economy. Obama has said it’s too early to decide.
Kyl appeared on ABC’s “This Week,’’ and Cantor on “Fox News Sunday.’’
Republicans called Obama’s $787 billion spending plan a “flop’’ and said it hasn’t fulfilled its hype. They criticized the White House for increasing the federal deficit and doing little to combat an unemployment rate that hit 9.5 percent in June.
“The reality is it hasn’t helped yet,’’ said Senator Jon Kyl, Republican of Arizona. “What I proposed is, after you complete the contracts that are already committed, the things that are in the pipeline, stop it.’’
Obama urged patience with his program, which administration officials acknowledge was designed with incorrect or incomplete economic data.
Yet the stimulus package “is working exactly as we had anticipated,’’ Obama told CNN. “We always anticipated that a big chunk of that money then would be spent not only in the second half of the year, but also next year. This was designed to be a two-year plan and not a six-month plan,’’ he said.
Republicans, though, were not willing to sit by.
“I do think it is fair to say that the stimulus is a flop,’’ said Representative Eric Cantor, a Virginia Republican. The goal, he said, “was unemployment wouldn’t rise past 8.5 percent, and what we see now is businesses just aren’t hiring. Even the best projections have us losing 750,000 more jobs this year.’’
Billionaire Warren Buffet and other have called for a second round of spending to steady the economy. Obama has said it’s too early to decide.
Kyl appeared on ABC’s “This Week,’’ and Cantor on “Fox News Sunday.’’
P.S.
1. Bolds added for emphasis.
2.I hate to say, I told you so! But, I had a premonition that there would be another bail-out scheme once President Obama returned from his Educational Foray abroad. It's the next 'boot to drop'.
More billions will be printed by the Treasury, then the Federal Reserve will "lend" it to the U.S.
Brace yourselves for mega-hyper-inflation!
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