Inhofe Calls Stimulus Compromise a “$1.2 trillion mistake”

Today, U.S. Senator Jim Inhofe (R-Okla.) spoke on the Senate floor and outlined his opposition to the so-called ‘compromise’ legislation on the stimulus bill.  Senator Inhofe announced his plans to vote against ending debate and proceeding to a final vote without further consideration of amendments on the legislation. 

“Tonight the Senate will vote on whether to shut off debate on what conservative economist Martin Feldstein has called an ‘$800 billion mistake’,” Senator Inhofe said.  “He is not the only one that is disappointed that in the U.S. Senate, Democrats have spent this past week working to make this a nearly $900 billion mistake.  In fact, the Congressional Budget Office reported during the House consideration of its $820 billion version this spending bill, that the cost of servicing the debt on all the new debt created by this bill would cost roughly $347 billion over 10 years, which means at $820 billion, the real cost of this so called stimulus spending bill will incur $1.2 trillion in new government debt.  In other words, to again borrow from Dr. Feldstein, we will be voting on a $1.2 trillion mistake. 

“As we are debating this multi-billion dollar piece of legislation, I believe some of my Republican colleagues are too gracious in trying to lay collective blame for the $1 trillion mistake on both Republicans and Democrats when it’s not true. As the House considered this spending bill, in a vote of 244-188, not a single Republican voted in favor of the $820 billion spending bill. Only by Republicans sticking 100% together in the Senate can we stop this $1.2 trillion mistake.  However, should it pass this week, no one should be fooled to think it was done in a bipartisan way.  Let me tell the American people that a vote tonight on a proposal supported by all the Democrats and 3 Republicans is not a bipartisan proposal nor is it any kind of compromise.   

“Time after time Republicans have offered reasonable alternatives, real stimulus, real job creation, and real wealth creation.  Time after time, the Democrats have failed those alternatives.  Senate Democrats reported a bill to the Senate floor already over $60 billion more expensive than the bill which passed the House of Representatives with absolutely no Republican support and only supported allowing the bill to grow once it got to the Senate floor.   

“Now we are supposed to have the American people believe that we have found fiscal discipline in supporting a $780 billion bill with extras bringing the cost of the bill with interest to $1.2 trillion.  This in no way is a bipartisan compromise.  The American people already see it for what it is – a mistake, a $1.2 trillion mistake entirely brought to us by the Democratic majority.”