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Coburn And McCain Troubled By Stimulus Debt, Which Is 488 Times Smaller Than Debt Impact Of Bush Tax Cuts

Posted in Main Blog (All Posts) on August 5th, 2010 4:40 am by HL

Coburn And McCain Troubled By Stimulus Debt, Which Is 488 Times Smaller Than Debt Impact Of Bush Tax Cuts

Yesterday, Sens. John McCain (R-AZ) and Tom Coburn (R-OK) released a report that highlights 100 supposedly “questionable stimulus projects that are wasteful, mismanaged, and overall unsuccessful in creating jobs.” “The only thing getting a boost is our national debt,” the report complains. The “American people have awakened to the incompetency of Washington,” said Coburn. “The rest of the federal government is filled with stuff just like this.”

Coburn went on Fox News today to promote the report and criticized White House Press Secretary Robert Gibbs’ claim yesterday that the report is not credible:

COBURN: Mr. Gibbs knows I don’t mess around when it comes to stealing money from our kids and grandkids. And if he wants to defend this kind of stuff — this isn’t political. It’s too serious to be political no guys. We’re $13.4 trillion in debt and growing and this is the kind of waste that people are sick and tired of.

Watch it:

If Coburn doesn’t “mess around” with “stealing money” from the American youth, then why are he and McCain fierce advocates for extending President Bush’s tax cuts for the wealthy? The ten-year cost of extending those tax cuts amounts to $830 billion. But how much of this alleged “wasteful” stimulus spending are the senators now concerned about? A mere $1.7 billion:

McCainCoburn

Moreover, CNN noted that “the report’s use of selected information from hundreds of footnoted sources left it unclear if the brief summaries of each project told the whole story.” For example, the report attacked a grant to replace windows at a vacant Forest Service visitors’ center in Washington, claiming there are “no current plans to use the empty space.” However, as CNN noted, the Forest Service said it “is now reviewing several proposals for how the facility could be used in the future through a variety of public-private partnerships, including a science facility, education camp, or an overnight lodge.”

But maybe Coburn is more concerned about the $1.7 billion in alleged “wasteful” stimulus spending as opposed to $830 billion in tax cuts for the wealthy because the believes the tax cuts are free.

38 Senate Republicans vote to filibuster a deficit-reducing jobs bill.

Today, the Senate invoked cloture on a bill that provides states with $26 billion in funding for Medicaid and to prevent mass layoffs of teachers. These two streams of funding have been added to — and then cut from — bill after bill, because conservatives objected to their cost. Initially, the bill that was voted on today added $5 billion to the deficit, but it was tweaked to include larger spending offsets. And according to the Congressional Budget Office, it now decreases the deficit by $1.3 billion over ten years through cuts to food stamps and closing corporate tax loopholes. Two Republicans — Sens. Susan Collins (R-ME) and Olympia Snowe (R-ME) — voted to invoke cloture and end the ongoing filibuster. The rest of the Republican caucus, however, voted no. That’s 38 Republican senators who voted against a deficit reducing jobs bill. (Sen. David Vitter (R-LA) didn’t vote.) The Wonk Room explains how this vote clearly puts the lie to the notion that Republicans really want small spending measures to pass, but only if they’re “paid for.”

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