U.S. Senator Tom Coburn, M.D. (R-OK) released the following statement today regarding a non-partisan Congressional Budget Office report that says the stimulus bill will harm our economy and cause our Gross Domestic Product to decrease over the long term. The CBO letter (attached) states: "In the longer run, the legislation would result in a slight decrease in gross domestic product (GDP) "
"The concerns that many members of Congress have expressed about this bill are not based on the failed policies of the past but sobering facts about the present, and the future. As CBO has stated, this bill will not work. In fact, this bill will hurt our economy. A majority of Americans also do not believe this bill will work because they possess a level of common sense that does not exist in Washington," Dr. Coburn said.
"Congress and the president have a choice. They can pull this bill and fix it, or they can ram it through and claim victory. Republicans and the Bush administration faced, and failed, this test many times. For years, Republicans passed bloated and reckless spending bills that were harmful to the economy. Yet, even as Republicans grew the government they touted their bills as sound and fiscally responsible vehicles for job creation. Republican hypocrisy and spin met its logical conclusion with the most recent election. Democrat attempts to call failures successes won't be any more successful. The biggest loser in this game won't be either party, but the country," Dr. Coburn said.