This is a rush transcript from "Your World With Neil Cavuto," October 13, 2008. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: So, if governments all over the world can do it, why not ours — again — this time another $150 billion stimulus package aimed at boosting consumer spending right now?
Democratic Congressman Adam Smith is all for it.
Congressman, where is this money coming from?
REP. ADAM SMITH (D), WASHINGTON: Well, first of all, Steve (sic), I'm not necessarily all for it. I'm not necessarily the best representative for the Democratic Party on this issue. I — I voted against the last stimulus package that we voted last time.
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And, basically, I think our — our underlining economy, the problem we have is we have been trying to spend our way out of our problems, both in terms of the government and individually. We have been living on — I mean, pick your term — credit, leveraged borrowing, whether it's individual business, whatever.
CAVUTO: All right, I am sorry.
CAVUTO: I got that record wrong. I apologize.
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SMITH: I have concerns about trying to spend our way out of...
CAVUTO: You are open to the $150 billion this time, for this, right? And what would it cover?
SMITH: Well, I — I am still waiting to see what the specifics are.
SMITH: And I am one Democrat who will be very concerned if it is simply a matter of passing out money.
The one area that I am interested in is the idea of investing in infrastructure, something that actually builds for the long term, instead of just spreading money out for the short term. I mean, we — as I have said, we have done enough of that in 1,000 different areas. We need a more stable long-term economy, not one that is dependent upon simply pumping money in from wherever we can find it.
CAVUTO: Well, that's a very valid point.
Can I ask you this, Congressman? And this, by the way — because I have criticized Republicans on this, Democrats on this.
CAVUTO: We just keep throwing a lot of money at it...
CAVUTO: ... and I guess with the hope being that something sticks.
And I just wonder, in the end, how we are all going to pay for it. I know a lot of it is based on the idea that you spur economic activity...
CAVUTO: ... or, in the case of taking stakes in banks, that maybe we make money back.
But it is a crapshoot, is it not?
SMITH: Well, this was — I mean, this was George W. Bush's economic policy, to a certain extent. He said, I'm betting on...
CAVUTO: No, no, no, no. See, you're doing the one thing that I...
SMITH: Let me finish. Let me finish. Let me finish.
CAVUTO: There is enough blame to go around.
SMITH: He said he's going to bet on growth. That's — I mean, it's exactly what you just said. He's not going to — he's not too worried about whether or not the books balance, because he's going to do the tax cuts. He's going to do other things that are going to bet on growth.
CAVUTO: Well, your speaker — your speaker just said she is going to bet on growth.