Cole Says "NO" to Budget-Busting Stimulus
Congressman Tom Cole (OK-04) issued the following statement today after voting against the $825 billion dollar stimulus bill, H.R. 1.
"We are facing a global recession and a federal response is needed," Congressman Cole said. "But this bill busts the federal budget while doing next-to-nothing to truly stimulate our economy. Congress just spent 300 percent more on this legislation than was spent in all of World War II, and a staggering 1200 percent more than was spent during the New Deal. And while the stimulus bill will create some government jobs, it does so at an outrageous expense to the taxpayer. In fact, job-creating tax measures for small businesses have virtually been eliminated from this stimulus bill."
"This legislation did have some reasonable provisions - such as tax cuts and important infrastructure spending. But they made up a comparatively small percentage of the overall bill. The vast majority of the discretionary spending is aimed at government programs that will not stimulate economic growth and will ultimately create greater deficits and / or higher taxes."
The economic stimulus bill, H.R. 1 passed the House of Representatives today by 244 - 188.