This is a rush transcript from "Your World," February 17,2011. This copy may not be in its final form and may be updated.
CHRIS COTTER, GUEST HOST: Well, more than 150 million stimulus bucks still remain unspent. Republicans want to defund the program, so it remains that way.
But Vice President Joe Biden today celebrating the success of round one, now saying Washington should use the same approach for even more projects.
Republican Congressman Tim Scott from South Carolina says it's time to stop the spending and start cutting.
Congressman Scott, I've got to tell you, compared to the first-year celebrations from the Democrats, I felt like they were a little bit muted today coming of Washington.
REP. TIM SCOTT, R-S.C.: Well, simply said, the government spending doesn't create sustainable jobs. It should have been muted coming of Washington today, because the fact of the matter is, those folks are now unemployed.
They even counted the census workers in the job creation strategy of the stimulus fund. It simply is not working for our country. We are borrowing too much money. The president's budget simply says it will add $13 trillion this decade to our deficit -- or to our debt. Cannot sustain this level of spending.
COTTER: Well, Congressman Sean Duffy out of Wisconsin has already proposed a bill, as we mentioned in the intro, to defund the remaining part of stimulus one, that mammoth $800 billion stimulus, have about $168 billion remaining.
Is it even possible to do that with a Democrat-controlled Senate and a Democrat in the White House?
SCOTT: Very unlikely that we'll see that come to pass, but the idea is a sound one.
The question really is, should the government spend more money, or should we let the private sector lead us back to the land of prosperity? The answer is simply the less money the government spends, the more money the private sector can spend.
COTTER: It's impossible really be able to say whether this was a failure or a success. Isn't it a matter of degrees? Because I think you could say, yes, it did create jobs, but did it create $800 billion worth of jobs? And isn't it somewhere in the middle? And maybe that's part of the problem. With a plan this large, we probably should have had a better idea of how successful it was?
SCOTT: Well, Chris, we simply had no plan at all. We just decided to write a bill overnight and put it on the streets and say, shovel-ready projects, let's get started.
The fact is, we couldn't figure out what the definition of a shovel- ready project was. So, what happened was that you took $2.5 trillion -- $3.5 trillion over 24 months, stimulus, then bailouts, and you tried to throw it on the economy. And the economy wasn't prepared to produce results, because the government cannot dictate to the economy what must happen.
We have to find a way to allow private sector jobs to lead our way. If we do so, we do that by understanding the inverse relationship. The more the government spends, the less the private sector can spend. We have to put the private sector back in charge of our -- of economics.
COTTER: Well, I don't think you will get much argument from our audience on that one, Congressman Scott. Thank you so much. Thanks for joining us.
SCOTT: Yes, sir. Thank you very much for having me.
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