McConnell on ‘This Week’: Budget, GOP alternatives, AIG
March 15, 2009
‘What we really ought to be doing here is concentrating on fixing the financial system…and the housing problem. But not using this crisis as an excuse to go on an explosion of spending.’
WASHINGTON, DC – U.S. Senate Republican Leader Mitch McConnell appeared on ABC’s ‘This Week with George Stephanopoulos’ this morning. The following are excerpts from the program:
On the President’s budget:
“Well, first, let's take a look at the budget the President is offering. That's his responsibility. The majority has a responsibility to lay out their plan, George, for the next few years, and they've done it: It will double the national debt in five years and triple the national debt in 10 years; it taxes too much, it spends too much, it borrows too much, as you indicated.”
“We have already authorized this year in the first 50 days of this administration, spending at the rate of $24 billion a day, or $1 billion an hour. Another way of looking at it, just putting it in context, this $1.2 trillion that we've spent in the first 50 days is more than the previous administration spent after 9/11 on Iraq, Afghanistan and the response to Katrina.”
On using the crisis for a massive expansion of government:
“What we really ought to be doing here is concentrating on fixing the financial system…and the housing problem. But not using this crisis as an excuse to go on an explosion of spending.” “What I have said and our colleagues have said repeatedly, it does what the President's chief of staff -- he was pretty candid about it—they're taking advantage of a crisis in order to do things that had nothing to do with getting us into the crisis in the first place.
“They want to have a massive expansion of health care. An energy tax, which many people are now calling a light switch tax, of another $600 billion.
On GOP alternatives to the President’s spending and tax hikes and debt:
“Well, it will reframe what the Democrats recommend for America over the next five and 10 years. And I assure you, the amendments that we offer will not lay out a blueprint for doubling the national debt in five years and tripling it in 10 years. “
“Through the amendment process, we would absolutely reformulate the Democratic plan. Whether you have a comprehensive approach or whether you offer an amendment approach is something that parliamentarians can debate, but the point is, we're going to have alternatives, just like we had alternatives when they offered the massive stimulus package.
“We would have spent half as much money, we would have fixed housing, and put money back into pockets of taxpayers. So we have offered alternatives all along the way, and we will offer numerous alternatives on the budget when it comes up.”
On bailout funds being used for bonuses and the administration’s response:
“Well, it is an outrageous situation. I wrote Secretary Paulson back in October complaining about the way AIG had been doing its business.
“The point here is, if you're going to take the government as a partner, the message here, I'm afraid, to any business out there that's thinking about taking government money, is let's enter into a bunch of contracts real quick, and we'll have the taxpayers pay bonuses to our employees.
“This is an outrage. And for them to simply sit there and blame it on the previous administration or claim contract -- we all know that contracts are valid in this country, but they need to be looked at. Did they enter into these contracts knowing full well that, as a practical matter, the taxpayers of the United States were going to be reimbursing their employees? Particularly employees who got them into this mess in the first place. I think it's an outrage.”
On the University of Louisville winning the Big East title:
A “big win.”
###
WASHINGTON, DC – U.S. Senate Republican Leader Mitch McConnell appeared on ABC’s ‘This Week with George Stephanopoulos’ this morning. The following are excerpts from the program:
On the President’s budget:
“Well, first, let's take a look at the budget the President is offering. That's his responsibility. The majority has a responsibility to lay out their plan, George, for the next few years, and they've done it: It will double the national debt in five years and triple the national debt in 10 years; it taxes too much, it spends too much, it borrows too much, as you indicated.”
“We have already authorized this year in the first 50 days of this administration, spending at the rate of $24 billion a day, or $1 billion an hour. Another way of looking at it, just putting it in context, this $1.2 trillion that we've spent in the first 50 days is more than the previous administration spent after 9/11 on Iraq, Afghanistan and the response to Katrina.”
On using the crisis for a massive expansion of government:
“What we really ought to be doing here is concentrating on fixing the financial system…and the housing problem. But not using this crisis as an excuse to go on an explosion of spending.” “What I have said and our colleagues have said repeatedly, it does what the President's chief of staff -- he was pretty candid about it—they're taking advantage of a crisis in order to do things that had nothing to do with getting us into the crisis in the first place.
“They want to have a massive expansion of health care. An energy tax, which many people are now calling a light switch tax, of another $600 billion.
On GOP alternatives to the President’s spending and tax hikes and debt:
“Well, it will reframe what the Democrats recommend for America over the next five and 10 years. And I assure you, the amendments that we offer will not lay out a blueprint for doubling the national debt in five years and tripling it in 10 years. “
“Through the amendment process, we would absolutely reformulate the Democratic plan. Whether you have a comprehensive approach or whether you offer an amendment approach is something that parliamentarians can debate, but the point is, we're going to have alternatives, just like we had alternatives when they offered the massive stimulus package.
“We would have spent half as much money, we would have fixed housing, and put money back into pockets of taxpayers. So we have offered alternatives all along the way, and we will offer numerous alternatives on the budget when it comes up.”
On bailout funds being used for bonuses and the administration’s response:
“Well, it is an outrageous situation. I wrote Secretary Paulson back in October complaining about the way AIG had been doing its business.
“The point here is, if you're going to take the government as a partner, the message here, I'm afraid, to any business out there that's thinking about taking government money, is let's enter into a bunch of contracts real quick, and we'll have the taxpayers pay bonuses to our employees.
“This is an outrage. And for them to simply sit there and blame it on the previous administration or claim contract -- we all know that contracts are valid in this country, but they need to be looked at. Did they enter into these contracts knowing full well that, as a practical matter, the taxpayers of the United States were going to be reimbursing their employees? Particularly employees who got them into this mess in the first place. I think it's an outrage.”
On the University of Louisville winning the Big East title:
A “big win.”
###
