GOP leaders bash stimulus bill

Local News

February 12, 2009

By CHRIS HARRIS, Staff Writer The Commonwealth Journal Thu Feb 12, 2009, 08:41 PM EST

Somerset — Republicans may now be the minority in Washington, but that doesn’t mean they’re going away quietly. Two of Kentucky’s most prominent GOP leaders are speaking out against what they perceive as irresponsible spending in the economic recovery bill currently being hashed out by Congress.

Lawmakers spent lots of time Thursday bargaining on the $790 billion piece of legislation, debating over tax cuts and federal spending before reaching an apparent final agreement more than 24 hours after announcing a deal. Lingering controversy over school-modernization money, a scaled-back tax break for businesses and other issues forced a delay in final votes on the legislation, but Democratic leaders still hoped for final passage by the weekend.

Their Republican counterparts, however, are hopeful more conservative heads will prevail. Somerset’s own Harold “Hal” Rogers, the Fifth District U.S. Repre-sentative, believes the stimulus bill would create a gigantic debt that would drop a significant financial burden on future generations.

“Instead of engaging in constructive solutions to address the economic crisis gripping the nation, the Majority chooses to take advantage of it — using fear tactics to try and shame us into supporting over a trillion dollar spending package loaded with questionable programs that have nothing to do with getting the American people back to work,” said Rogers in a statement Wednesday.

Rogers noted that at the end of January, the federal debt stood at “a whopping” $10.6 trillion — and that third of that figure was held by foreign nations, including communist China,. Moreover, this month has a record debt sale announced, which Rogers attributes in large part to “our failed $700 billion Wall Street bailout.”

“A staggering $941 billion was added to our children’s tab this year alone,” he said, “and with passage of this latest package, the federal debt will reach a record breaking $13 trillion by the end of (the fiscal year).”

Rogers maintains the measure designed to boost the economy will actually have the opposite effect.

“Interest rates will soar, inflation will rise, the value of the dollar will plummet,” said Rogers. “The world has never seen a nation borrow so much money in the span of just a few months. Any temporary gains or glamorous headlines brought on by this stimulus bill will soon be forgotten when the recession deepens and our children bear the long term affects of a massive government spending spree.”

Louisville’s Sen. Mitch McConnell, the Republican leader in the Senate, agreed with his Kentucky colleague, saying the bill as it stands does not take “the smart approach” and says both today and tomorrow’s taxpayers will have “a mess” to clean up.

President Barack Obama, the man behind the current stimulus strategy, feels differently. Speaking from Peoria, Ill., where the Caterpillar Inc. heavy machinery company says they may start hiring back some of the 22,000 layoffs they’ve made if the bill passes, said that companies “may be able to start growing again. Rather than cutting jobs, they may be able to create them again."

•••

The Associated Press contributed to this story.

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