McConnell: 'This Is Not The Smart Approach'

Press Release

U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Thursday regarding the trillion-dollar spending bill:

"We haven't 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 had asked for 40% in tax cuts; this bill falls short of that.

"But Congressional Democrats did make sure it contains billions in questionable, non-stimulative projects. And the most highly touted tax cut in the original proposal now translates into $7.70 a week for middle-class workers.

"This bill was meant to be a stimulus that was timely, targeted, and temporary. Unfortunately, it's 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 is that this bill will lead to more debt for our children.

"And this is just the beginning.

"This week, Congressional Democrats are handing taxpayers a bill for $1.2 trillion. Soon, they'll spend $400 billion to finish up spending from last year. We're 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 taxpayer credit card. Even without this massive spending bill, the deficit continues to grow.

"Yesterday, Treasury reported that in the first four months of the current fiscal year the deficit rose to $569 billion— nearly $500 billion more than the same period the previous year.

"Let me repeat that: according to Treasury, we ran a deficit in the first quarter of this fiscal year that's nearly $500 billion more than the same period last year.

"You don't have to be Suze Orman to know this isn't sustainable.

"I know everyone involved believes that 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 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 the smart approach. The taxpayers of today and tomorrow will be left to clean up the mess."

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