WASHINGTON, DC – U.S. Senator Kit Bond today warned hardworking Americans that passage of the Democrats’ trillion-dollar bill will open the floodgates to massive, irresponsible spending of tax dollars that will do little to jumpstart the economy or create jobs. 

 

“Hold on to your wallets folks because with the passage of this trillion-dollar baby the Democrats will be poised to spend as much as $3 trillion in your tax dollars,” said Bond.  “Taxpayers will be on the hook for spending that will stimulate the debt, stimulate the growth of government, but will do little to stimulate jobs or the economy.”

 

Bond, who voted against the Democrats’ trillion-dollar spending bill earlier this week, voted in opposition to the bill again tonight.  The trillion-dollar bill, passed earlier today by the House, is expected to pass the Senate tonight on an almost strictly party line vote.  The bill will then be sent to the President to be signed into law.

 

It is critical for the government to act now to stimulate the economy and create jobs because we are in an economic crisis with families struggling, small businesses failing, and workers losing their jobs, said Bond.  The Senator stressed that any responsible and effective recovery plan must include real investment in shovel-ready infrastructure, real tax relief for working families and small businesses, and a detailed plan that will tackle the root of the economic crisis – our housing and credit crises.  Experts agree that until we address the credit crisis, no stimulus package can work.  Unfortunately, the Democrats’ plan misses the mark on all three counts:  just 8 percent of the trillion-dollar bill is for real infrastructure investment; workers will receive only an extra $8 dollars in their paychecks; and there is no plan to tackle the root of the crisis.

 

Bond criticized the Democrats’ trillion-dollar spending bill for being loaded with wasteful spending – spending that just doesn’t belong in an emergency spending bill.  Many economists agree much of the spending can’t be spent immediately, will do little to create jobs now, and could even hurt the economy.  Instead of emergency stimulus spending, much of the bill is loaded up with spending on Democrats’ policy priorities.  This is a massive expansion of government spending, Bond pointed out.  In fact, this bill’s price tag almost equals the annual discretionary budget for the entire federal government.  Also, by including massive increases for social spending outside the normal budget process and without review taxpayers will likely be on the line for continuing this spending every year.

 

Bond also denounced the partisan process in which this trillion-dollar baby was written and passed.  Despite campaign promises of transparency and bipartisanship, this bill was written by Democrats behind closed doors.  Throughout the process Republicans were blocked from participating.

 

This trillion-dollar spending plan comes in the wake of President Obama’s new bank rescue plan announced earlier this week.  Bond pointed out that this plan lacks any real details and raises important questions for taxpayers – like how much will this plan really cost?  Together, the trillion-dollar spending plan passed by the Senate tonight and the Administration’s bank rescue plan could put the taxpayers on the hook for $3 trillion dollars.

 

Over the past few weeks thousands of Missourians called Bond’s office to voice their opinion on the Democrats’ spending bill.  Over 85 percent of the calls from Missourians were in opposition to the bill.  While Bond opposed the final trillion-dollar bill because it does more to stimulate the debt and growth of government than the economy, Bond fought to improve the bill through bipartisan amendments, including his successful provision to jumpstart the building of affordable housing units and create jobs now.                                                                                                                                         ###