Muzi.com News Gallery Library Forum Celebrity Movies Chinastar Regions Channels
Set Home|Subscribe|Premium Home|MyMuzi

Home | Most-viewed Story | Most-viewed Coverage | Region | People | Time | Events | Business | Sports | Showbiz | IT | Politics | Military | Society | Education | Life | Health
  Muzi.com : Muzi (English) : News
  GOP unifies against any more stimulus spending
Last updated: 2009-07-12


GOP unifies against any more stimulus spending
2009-07-12

People
Jon Kyl
Eric Cantor
Dick Durbin
Barack Obama
Warren Buffett
John McCain
Event
111th Congress
Obama Stimulus Package
Category
U.S. Republican Party
Source
(AP)

WASHINGTON - Republicans lined up Sunday in opposition to a second economic stimulus package, a rare demonstration of unity from an out-of-power political party in search of a rallying cry against President Barack 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 Sen. Jon Kyl, R-Ariz. "Only about 6.8 percent of the money has actually been spent. 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 spending program, which administration officials acknowledge was designed with incorrect or incomplete economic data.

"The stimulus package is working exactly as we had anticipated," Obama told CNN in an interview from Ghana that aired on Sunday.

"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 idly.

"I do think it is fair to say that the stimulus is a flop," said Rep. Eric Cantor, R-Va. "The goal that was set when we passed it 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."

Congress passed Obama's economic stimulus plan over the objection of out-of-power Republican lawmakers. Since then, GOP aides on Capitol Hill and officials alike have seized on the spending's shortcomings and unfilled promises.

"A lot of it has been spent on ridiculous projects," said Sen. John McCain, the Arizona Republican who was his party's presidential nominee last year.

Obama's allies defended the spending they helped usher into law.

"It's a two-year plan and we're four months into it," said Sen. Dick Durbin, D-Ill.

Some, including billionaire Warren Buffett, have called for a second round of spending to steady the economy. Obama and his allies have said it's too early to make that decision; his critics, though, pledged to redouble their opposition to any second spending bill.

"I think that would be the biggest mistake we could ever make," McCain said.

Kyl and Durbin appeared on ABC's "This Week." Cantor spoke with "Fox News Sunday." McCain was interviewed on NBC's "Meet the Press."

 Warren Buffett   111th Congress  Obama Stimulus Package 
  Profile3 News185GalleryLinks  
  Goldman Sachs, Buffett to help small businesses (2009-11-17)
  Deadline looms for Kraft to make Cadbury bid (2009-11-09)
  Fed sees rates near zero for "extended period" (2009-11-04)
  China's super-rich bounce back from financial crisis (2009-10-13)
  CIT Group sweetens debt buyback offer (2009-07-24)
  GOP unifies against any more stimulus spending (2009-07-12)
  Obama rejects 2nd stimulus: Give recovery time (2009-07-11)
  Warren Buffett says second stimulus might be needed (2009-07-09)
  Buffett's Berkshire has first loss since 2001 (2009-05-08)
  Buffett dispenses gloom at Berkshire fest (2009-05-03)
  Buffett says government is doing the right things (2009-05-02)
  Wells Fargo shocks market with record profit (2009-04-09)
  World's richest not so rich, Gates regains top spot (2009-03-11)
  Warren Buffett says economy fell off a cliff (2009-03-09)
  Dow Chemical to buy Rohm & Haas in legal settlement (2009-03-09)
  Stocks falter as investors battle uncertainty (2009-03-09)
  Dow ends under 7,000, S&P tests 700 on AIG fallout (2009-03-02)
  Wall Street tumbles anew as financials slide (2009-03-02)
  Buffett sees economic shambles, still optimistic (2009-02-28)
  Chinese auto maker plans to take on giants with electric cars (2009-02-21)
  General Electric CEO declines bonus for 2008 (2009-02-18)
  Berkshire sells J&J, P&G (2009-02-17)
  Johnson & Johnson atop Barron's best companies list (2009-02-15)
  Buffett invests in Swiss Re as insurers hurt (2009-02-05)
  Swiss Re turns to Warren Buffett, shares plummet (2009-02-05)
Related People
  • Bill Gates
  • Paul Allen
  • Ben Bernanke
  • Martha Stewart
  • Related Events
  • American Markets

  • Stories Coverages

    NewsGuide EventCityPeopleShowCompany 
     ENTSportsBIZEDULifeMilitaryPoliticsSocietyHealth 
    [China-U.S.]: US and China to reduce emissions, but not enough (22:24 11/27)


    [2009 Dubai Debt Crisis]: Stocks slide on concerns about Dubai debt fallout (16:24 11/27)

    [U.S. Markets]: Stocks slide on concerns about Dubai debt fallout (16:24 11/27)


    [Black Friday]: Shoppers pack stores as holiday season revs up (08:58 11/27)


    [European Markets]: Dubai debt fears remain focus in world markets (08:58 11/27)

    [Iran Nuclear Crisis]: Iran condemned by UN nuclear watchdog (22:24 11/27)


    [Holocaust]: Son insists accused Nazi guard will be found innocent (08:58 11/27)

    [Japanese Markets]: Dubai debt fears hit world markets hard (16:52 11/26)

    [2008 U.S. Recession]: Obama and GOP differ over recipe for jobs, economy (16:52 11/26)

    [2008 U.S. Real Estate Crisis]: Seniors suffer in troubled California subdivision (16:52 11/26)



    Muzi.com

    Muzi.com : About | Sitemap | Ads | Contact
    All Rights Reserved 1994-2006 - All rights reserved.