Congressman McCaul Votes Against $1,000,000,000,000 Mistake

AUSTIN, TX – In a show of bipartisan opposition, Congressman Michael McCaul (R-TX 10) joined his Republican House colleagues and seven Democrats voting against the Democrats’ $787 billion spending bill, which surpasses $1 trillion with interest. Despite their efforts, what was billed as an economic stimulus plan, but packed with billions of dollars in wasteful spending, passed the House by a 246-183 vote.

"We cannot spend our way out of debt," said Rep. McCaul. "Yet thanks to the Democrats we are now going to spend the equivalent of a million dollars a day for the next 3,000 years on a long wish list of items that won’t create jobs."

"While I do support some provisions of the bill such as the tax relief and investments in infrastructure, only 17% of the $1 trillion provides new tax relief and less than 10% provides new roads and bridges. The rest is pork. There’s simply not enough stimulus in this bill to give the economy the immediate jolt it needs," said Rep. McCaul.

The non-partisan Congressional Budget Office projects that long-term, the Democrats’ package will do more harm than good. It says that over 10 years, extra debt will "crowd out" private investment, leading to a lower gross domestic product, which would hurt workers' wages.

Calculations from the President’s own economic advisors project that the Republican plan, which institutes long-term, meaningful tax cuts for individuals and small businesses, and will create twice as many jobs for half the cost of the stimulus package. It would create an estimated 490,000 jobs in Texas, compared to only 204,000 in the final bill.

"At a critical moment in America’s history – when our nation desperately needs strong, principled leadership – Democrat leaders are bent on taking advantage of this crisis and manipulating the fears of American taxpayers to their own ends. Instead of creating jobs, they’re focused on pushing through their own agenda, massive overreaches of government."