The economic stimulus bill being considered by Congress now exceeds $900-billion. Nebraska Senator Mike Johanns, a Republican, says spending is completely out of control.
“It’s not a stimulus bill, it’s a spending bill,” Johanns says. “It’s the largest in the history of the world. To describe it as massive is to not do justice to the size and magnitude of it.” Johanns says it’s unrealistic to think the spending will stop after this bill. He says two years from now there will just be another bill to spend more money, rather than balancing the federal budget.
Johanns says the burden to pay for the spending will fall on our grandchildren and their grandchildren. “Every dollar of it is financed by debt,” Johanns says.
Nebraska Senator Ben Nelson, a Democrat, spoke with President Obama Wednesday, emphasizing his thought the bill needs to be trimmed to focus on building the job market.
Johanns says the massive spending bill will only hurt the U-S in the global market. He says our international creditors will at some point ask, “What’s the value of your dollar if all you do is print more when you need something? You’re not trying to balance your budget.” Johanns says the bill is not a stimulus package as it’s being advertised.
Thanks to Kevin Thomas, KLIN, Lincoln