We need to make sure that Obama's stimulus plan is not just another waste of taxpayer money

We need to make sure that Obama’s stimulus plan is not just another waste of taxpayer money

dollar_sign_melting1 President-elect Barack Obama will meet with congressional leaders on Monday to talk with Republicans and some Democrats who are worried that his economic stimulus plan is too costly and too rushed.

Obama will talk with House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) to discuss his close to $1 trillion economic stimulus plan. And then the three of them are expected to meet with Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader John A. Boehner (R-Ohio).

“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 said in a statement this week. “As a result, it will require tough scrutiny and oversight.”

The package is expected to contain funding for states, with a focus on infrastructure projects, and tax cuts. It is also likely to include an effort to expand food stamp and unemployment benefits, and Obama’s economic team is looking at ways to help families keep their health insurance coverage when the breadwinner is out of work.

The infrastructure spending breaks into several categories. Beyond roads and bridges, spending is expected to fund energy conservation projects, improving the electric grid, as well as some military construction.

Obama has also said he would like to see more investments in health information technology as well as broadband for schools.

In an e-mail sent to House Democrats this week, Pelosi said lawmakers will move rapidly on a stimulus package after Congress reconvenes on Jan. 6.

Taxpayers for Common Sense has something to say about this expensive stimulus bill:

When the new Congress is sworn in next week, they will begin work on another economic stimulus bill aimed at turning our economy around. Although experts across the political spectrum argue a massive stimulus package is appropriate, there is less agreement on exactly what the stimulus should look like. The stakes – and the reported $750 billion price tag – are high. And considering we have racked up a $10.5 trillion debt, we can’t afford for this package to be wasteful and ineffective.

As a starting point, the stimulus package must be transparent. That starts with giving taxpayers plenty of time to review the legislation before its final passage. This will allow for a vigorous public debate to flesh out the ideas before they are implemented. We recognize time is also a commodity, but with stakes this high, we can’t afford to have haste make waste. And transparency can’t end with the consideration of the bill – it needs to be built in to the way the money is distributed and spent. Each state or entity should be required to report on a regular basis which projects received stimulus money, specifically how that money is being spent, and the direct benefits of the spending. This information should be updated weekly and made available on the internet so that all taxpayers can see where their dollars are going. Read the full story.

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