The American Recovery and Reinvestment Act, was signed into law on February 17, 2009. Senator McCain voted against this legislation because he is concerned that it will do far too little to stimulate our economy, yet imposes one of the largest price tags any legislation has ever cost the American taxpayers. The stimulus plan is estimated to cost taxpayers $787 billion--or over $1.1 trillion once interest expenses are included, more than any government program in history after adjusting for inflation. Congress and the Administration had an opportunity to craft a bill that would have provided real relief to the American people in a time of great economic uncertainty. But once again, parochial, partisan, and special interests have taken precedence over the interests of the American people.
Senator McCain offered a good-faith alternative to this plan, which received the support of all of his Republican colleagues. The proposal would have cost about half as much as the enacted measure, but would have provided the American taxpayers with a stimulus bill devoid of wasteful and excessive spending on programs that fail to create jobs. This plan included targeted, fiscally responsible provisions to invest in our nation's infrastructure, stabilize the housing market, and reduce taxes on individuals and businesses. Additionally, this alternative would have put in place long-term mechanisms to help us control future spending and balance our budget. Unfortunately, the amendment failed on a party-line vote.