The Stimulus

Floor Speech

Mr. McCONNELL. Madam President, yesterday the Senate cast one of the most expensive votes in history. We have heard a lot from our friends about the dangers of deficits over the last few years. Yet the Senate this week voted to spend more than $1.2 trillion, including interest, over the next 10 years. The projected annual budget deficit for this particular fiscal year is also $1.2 trillion. We are told, of course, this is just the beginning. We have known for weeks the Treasury Secretary is planning a financial rescue plan. We still don't know the cost. Apparently, the sticker shock would have been too much to take, 1 day after the Senate voted to spend $1.2 trillion on a stimulus--all of this on top of the $400 billion Omnibus appropriations bill we will soon vote on, which will bring discretionary spending for the Federal Government for the very first time to over $1 trillion this year.

Americans are wondering how we are going to pay for all of this. Judging by the market reaction to Secretary Geithner's announcement yesterday and the newspaper editorials this morning, it is clear everyone is looking for a little more detail. With that in mind, the importance of a thorough review of the administration's budget is all the more important, so we know the totality of what the administration is asking of taxpayers.

Any parent knows you don't buy a new car and plan the summer vacation before you set the family budget for the year. I think Americans would like to know exactly how the administration plans to pay for all these things in the context of all the normal annual spending.

In the 24 days Congress has been in session this year, Congressional Democrats have agreed to spend more than $50 billion a day. Americans know they have a limit on their spending. This week they are wondering what the Government's limit is.

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