Mr. McCONNELL. Mr. President, we have not 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 has asked for 40 percent in tax cuts; this bill falls short of that. But Congressional Democrats did make sure it contains billions in questionable, nonstimulative projects and the most highly touted tax cut in the original proposal now translates to $7.70 a week for middle-class workers.
This bill was meant to be a stimulus that was timely, targeted, and temporary. Unfortunately, it 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 about this bill is it will lead to more debt for our children--and that is just the beginning. This week, Congressional Democrats are handing the taxpayers a bill for $1.2 trillion. Soon they will spend $400 billion to finish spending from last year. We are 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 taxpayers' credit card. Even without this massive spending bill, the deficit continues to grow. Yesterday, Treasury reported that the first 4 months of the fiscal year, the deficit rose to $569 billion. That is nearly $500 billion more than the same period last year.
Let me repeat that. According to Treasury, we ran a deficit in the first quarter of this fiscal year that is nearly $500 billion more than the same period last year. You do not have to be Suze Orman to know this is not sustainable.
I know everyone involved believes 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 with 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 a smart approach. The taxpayers of today and tomorrow will be left to clean up the mess.