'It Has Been a Failure'

" That the other day we get attack five months the Democrats and a few Republicans passed that 787 billion dollar stimulus plan the Obama administration defending that spending. Here is Joe Biden in Cincinnati on Thursday -- about this -- the recovery act."

" Was not designed. To do -- restore the economy to its full help on its home. It was one of several pieces it was designed to provide the boost necessary to stop this free fall. It was designed to spurred demand and get people spending again and it was designed to save jobs and create new ones."

" I -- hang on all those points he made their because some people are talking about a second stimulus idea now about Republicans on the analysts and hang on. Putting up their own plans to turn around the economy Eric Cantor a Republican from Virginia he's the house minority where my -- Capitol Hill sir good morning to you. Welcome back here for more thoroughly dissect what Joe Biden just said there. He said the stimulus is necessary to stop the freefall. And now one can argue that we were in free fall back in the fall nearly part of this year kick -- can you suggest now where I guess can you agree. That the economy is no longer freefall let's start at that point. What an affluent not a -- thank you if you are asking anybody out there. A working in whatever sector it is manufacturing service retail health care for everyone is worried about the job at to have an already lost one or know someone who has. Look when we began talking about the stimulus. Back in January the president made the commitment. And said look if we act with -- if congress were to go ahead and passes on nearly eight."

" billion dollar bill that we would stave off job loss and was stop unemployment from reaching a they had over right now percent rise you know now. Unemployment creeping up through towards 10% nationally in many parts of the country is a lot higher than that. So you know it has been a failure we have we've lost millions and millions of jobs remain jobs almost. Over the course -- the seven months this year. So obviously we shouldn't be thinking about. Spending more in the same way -- trying to reverse this job loss we've got to get smart about this we've got to go about working together to point back towards. The small businesses that are the true job generators and creators one. How he would do that -- with what's the idea that could gain traction to do that. Well I mean listen bill what what we need do is no one is stop all the in enormous borrowing and spending the money that we don't have requiring tax hikes. That we can't afford to pay back. You know that -- the essence of how jobs have been created in this country is -- you have entrepreneurs small business people. Willingly go put their money to work to hire folks -- need to be doing is creating incentives. Providing tax incentives. Creating a situation where. The credit markets can flow again that's what we need to be focused from here it appears that you're gonna need a major conversion of the White House and Capitol Hill to get that done. What intelligence things say that bill because back during the initial discussions. This stimulus bill. I remember being with the president I remember handing him the house Republican plan along with leader John Boehner. And you know what the president said to me when he took a look at that plan he -- you know. There is nothing crazy in here but I can tell you is something we do have a difference on how we go about stimulating the economy and I won. When you know what it's like he -- win this is his economy now this is the economy that's owned by this congress. And as democratic controlled congress. But you know a lot there are prescription has failed it is time for us to step back and do it the right right now. Throughout the White House has ever sitting here they were say listen man give another six months. When the money spent more because it's gone in the system slowly. Give another nine months Robert Gibbs said yesterday from Europe federal have a big big impact over the next two years. Are we too hasty -- we impatient. Well again bill let's remember context that we took this is this so called stimulus bill then it was it was passed. Almost from darkened night 1100 pages no one in the house read that bill. Because the urgency was -- to the president said we had to act now and if we acting now we would stave off job loss and we get America back to work. That hasn't that hasn't happened so why is it that we were going about. Spending nearly 800 billion dollars if we didn't expect the monies to go out until 1234. Years later. That's not how we should be operating here we've got to stop. This bill from going into full effect. And we've got to start being smart do you want to style for that I'll Bill Clinton's you to put on a string of pulling back. Well listen we need to start thinking about the smart way to go about deploying. The efforts here the effort should be focused on small business people they ever should be focused on how we go about producing and and helping capital. Form again so that we see jobs created. We need innovation we need people an entrepreneur or is to go ahead and and engage again in this economy. We Cam -- for just this government to be cranked -- allowed the business imagination to run Eric -- appreciate you viewpoint on that today we heard Joe Biden yesterday when I get your view today Erekat thank you. From the thank you."

" While some cold and signs of progress others say they are signs of serious money being flushed down the toilet. Road signs with the American reinvestment and recovery act logo going up the construction sites across the country and you see any signs. Some states pay thousands. Of dollars for them. Now that may sound like a drop in the bucket in the context of the whole stimulus package but consumers did like New Jersey which has only spent 3% of its stimulus funds so far. And it has shelled out 5% of that funny signs. New York State to has already spent about one million. Dollars. On stimulus signs alone that is one expensive pat on the back."

" decide to -- Minnesota too big a million they get inside out or better fit about. I'm bottles -- you bill -- million dollars I think heroes can you pay for million dollars look at us we're spending or stimulus dollars."