This is a rush transcript from "Your World," February 14, 2014. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: Well, talk about impeccable timing.
You know, five years ago, almost to today, all of this really got going. All that spending for what amounted to nothing, it really just got going five years ago.
PRESIDENT BARACK OBAMA: The American Recovery and Reinvestment Act that I will sign today is the most sweeping economic recovery package in our history.
CAVUTO: After the rush, the reality, the rush to get a whopping $800 billion stimulus bill done and signed into law, the reality, to see what we get for our trouble now that it is.
Get this done, get this done, get this done, and now a lot people who signed onto this, they didn't even read the damn thing.
VICE PRESIDENT JOSEPH BIDEN: We know some of this money is going to be wasted.
UNIDENTIFIED MALE: You're sending out $787 billion, you need a level of oversight that we have never seen before.
CAVUTO: You know what, Jared?
This is not for some fancy-schmancy vacation or a corporate retreat. It is the location of a meeting planned for the White House panel overseeing stimulus waste and fraud. I -- I kid you not.
More than 730 allegations of fraud reported so far -- questions about how all of that money is being spent, including to study the impact on cocaine use on monkeys.
SEN. MARCO RUBIO, R-FLA.: The only lasting impact of the stimulus is going to be the debt that it leaves behind for generations.
CAVUTO: And $1.2 million for an abandoned train station, converting into a museum. Almost 300 grand spent on reducing menopausal hot flashes through yoga. The freezing process for rat sperm. Well, it's enough to make you go menopausal, but I'm a male.
MITT ROMNEY, R-FORMER PRESIDENTIAL CANDIDATE: If we're going to be spending some additional money, we want to spend those dollars on things that are absolutely essential. Grass for the mall is probably not one of them.
CAVUTO: And $150,000 for a New Hampshire bridge quite literally to nowhere because it stops in the middle.
Then thousands of road ramps that don't seem to be going anywhere, including this beaut in New Jersey that leads right into a cement wall and, appropriately, some graffiti.
OBAMA: The true engine of economic growth will always be companies like Solyndra.
CAVUTO: Never mind the solar company the president backed up that just went belly up and then coughed up 1,100 jobs and a half-billion taxpayer dollars. Now talk of more dollars, hundreds of millions more dollars.
RON PAUL, R-FORMER U.S. CONGRESSMAN: This incident is just proof- positive of why the government should stay out of this kind of business totally and completely.
CAVUTO: Wait a minute. Wait, wait, wait, wait, wait, wait, whoa, whoa, whoa.
CAVUTO: There was a study on...
UNIDENTIFIED MALE: Yes, there was.
CAVUTO: ... people's reaction to the stimulus funded by the stimulus?
UNIDENTIFIED MALE: Yes. Yes.
CAVUTO: Well, that's like those like fun house mirror things, you know?
CAVUTO: Forget about the billions of stimulus, tax cheats, prisoners, coke monkeys, dead people. President Obama said today that Vice President Joe Biden has done such a wonderful job policing waste in his Recovery Act that he is now taking his -- well, his Recovery Act government-wide.
OBAMA: This recovery plan will create or save 3.5 million jobs.
CAVUTO: Why will spending more work?
UNIDENTIFIED MALE: These programs did create jobs, but not net creation.
CAVUTO: You're the chief economist there.
UNIDENTIFIED MALE: Absolutely.
CAVUTO: Where did get your degree, I mean, at a baking school? Where are you cooking up these numbers?
UNIDENTIFIED MALE: Oh, that's an insult.
UNIDENTIFIED MALE: You're a joker.