Obama’s $850B + Stimulus: Go Fast Or Deliberate?

Senate Minority Leader Mitch McConnell said he wants to slow consideration of the economic stimulus package Democrats are drafting, warning that the measure sought by President-elect Barack Obama invites wasteful spending.

“A trillion-dollar spending bill would be the largest spending bill in the history of our country at a time when our national debt is already the largest in history,” McConnell, a Kentucky Republican, said in a statement. “As a result, it will require tough scrutiny and oversight. Taxpayers, already stretched to the limit, deserve nothing less.”

By Laura Litvan
Bloomberg

McConnell called for giving lawmakers and the public at least one week to review the legislation once it has been written. He also said he wanted Senate committee hearings on the measure, rather than immediate floor consideration.

His demand, in a Senate where minority Republicans will still have the power to block legislation, could stall a drive by Democrats to approve legislation soon after Obama’s Jan. 20 inauguration.

Obama advisers and congressional Democrats estimate the stimulus package, expected to include new infrastructure spending and tax cuts, may total $850 billion. Some economists are recommending as much as $1 trillion to boost the sagging economy.

House Speaker Nancy Pelosi, a California Democrat, says her goal is to send legislation to Obama on the day of his inauguration. A spokesman for Democratic Senate Majority Leader Harry Reid of Nevada said today that, because he will need some Republican support to approve the legislation, the timing of Senate action is unclear.

In this Sept. 29, 2008 file photo, members of the House Democratic ... 
In this Sept. 29, 2008 file photo, members of the House Democratic Leadership, from left, House Majority Leader Rep. Steny Hoyer, D-Md., House Speaker Nancy Pelosi, House Democratic Caucus Chair Rep. Rahm Emanuel, D-Ill. and House Majority Whip James Clyburn, D-S.C. meet reporters on Capitol Hill in Washington, Monday, Sept. 29, 2008.(AP Photo/Lawrence Jackson/FILE)

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http://www.bloomberg.com/apps/news?pid=2
0601087&sid=aCJL4fN0uXow&refer=worldwide

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