Posted by WARREN MOSLER on December 31st, 2008
Dec. 29 (Bloomberg) — Senate Minority Leader Mitch McConnell said he wants to slow consideration of the economic stimulus package Democrats are drafting, warning that the measure sought by President-elect Barack Obama invites wasteful spending.
“A trillion-dollar spending bill would be the largest spending bill in the history of our country at a time when our national debt is already the largest in history,” McConnell, a Kentucky Republican, said in a statement. “As a result, it will require tough scrutiny and oversight. Taxpayers, already stretched to the limit, deserve nothing less.”
McConnell called for giving lawmakers and the public at least one week to review the legislation once it has been written. He also said he wanted Senate committee hearings on the measure, rather than immediate floor consideration.
His demand, in a Senate where minority Republicans will still have the power to block legislation, could stall a drive by Democrats to approve legislation soon after Obama’s Jan. 20 inauguration.