Washington Unplugged: Sen. Shelby Blasts Stimulus Bill

Topics: Washington Unplugged

(CBS)

Sen. Richard Shelby, R-Ala., told Bob Schieffer on CBSNews.com's new Web program "Washington Unplugged" that he hopes Republican senators can band together on the economic stimulus package to be presented to the Senate next week.

"I hope Bob that the Republicans can stay together. I haven't done a vote count but if we stay together they won't pass that bill," Mr. Shelby said point blank. Though he is "doubtful" they his colleagues will completely unify.

"I think there will be some Republicans that will jump on the bandwagon and jump ship," said Shelby, who is ranking member of the Senate Committee for Banking, Housing, and Urban Affairs, adding "but I think it's a bad piece of legislation."

Schieffer asked if the bill could pass in the Senate, as it did in the House, without any Republican support to which Shelby exclaimed, "absolutely, not."

"We could keep talking about it. If the Republicans band together, there are forty one of us this bill won't pass."

Click Here To Watch The Debut "Washington Unplugged" Web Show

"I don't believe it is going to turn the economy around," Shelby argued about the House passed version set to hit the senate floor. "If you look at it, it is going to be a trillion dollars, a trillion dollars more. It is probably going to take another trillion dollars dealing with the financial institutions."

"I don't know where the money comes from...we ought to get the private sector involved," he admitted.

Asked what changes Democrats and the White House must make to the bill passed Wednesday by the House, will no Republican support, Shelby was explicit: "we would have to basically scuttle it. Do a one hundred and eighty degree turn."

"We ought to attack the banking crisis first," Senator Shelby explained and he admitted that he told President Obama "you have your priorities wrong."

The key senator called the package "a political statement," well, "at least three forths of it."

"Until we get rid of the cancer in the banking system, nothing is really going to turn around in this country because banks are not lending and if they are not lending they are not going to gain jobs you are going to continue to lose jobs."

"Its bad. Its going to get worse and if we look at the history of stimulus packages all the way to the thirties," the senator told President Obama, "they are checkered at best."

"We've got to attack the portfolios of these banking institutions," he said. "Our banks are loaded with toxic assets." "They don't know what is in their portfolios."

In addition to Shelby, today's debut show of "Washington Unplugged" included an interview with White House spokesperson Bill Burton and a roundtable with CBS News correspondent Chip Reid, CBS News chief political consultant Marc Ambinder and Politico.com's Nia-Malika Henderson.

The hard-hitting, politics-centered show will appear every Friday and showcase CBS News' brightest commentators and correspondents. The fifteen-minute program will feature straight talk from a newsmaker, a discussion of the week in politics, and in depth analysis of issues affecting the new administration. The show will air on CBSNews.com and its content partner Politico.com.

You can watch it below:

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by briannorwood February 2, 2009 1:54 PM EST: I wish the GOP would get their act together. They seem to be 100% in opposition to the stimulus package, but every time I hear one of these guys talk about why, they have a different opinion.

Stimulus too big, stimulus too small, more tax cuts for the rich and big business, more infrastructure spending.

They are all over the map. Is this because they don''t have any real leadership?; Reply to this comment


by raflin0010 February 2, 2009 12:12 PM EST: Isn''t Rush Limbaugh a drug addict?; Reply to this comment


by armydog2 February 2, 2009 11:35 AM EST: The only joke played on this Country was eight years of bush. Now let someone with a brain and the balls fix the republican mess.; Reply to this comment


by engineer1503 February 1, 2009 10:25 PM EST: This bailout is a joke, just like Obama. Thanks Rush for telling the truth that the Drive By media wont tell. They are too in love with their Messiah

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Posted by jedi23232 at 11:29 PM : Jan 31, 2009

Rush is the real Messiah. He''s told us so, lol!; Reply to this comment


by engineer1503 February 1, 2009 10:22 PM EST: The stimulus stinks. obama the inexperienced is going to lead us right over a cliff. Stop the bankruptcy of america.

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Posted by standlee5 at 11:45 PM : Jan 31, 2009

Just another open mined bi-partisan Republican I assume.

Where were you when G.W. Bush was porking everything? We went from a balanced budget to still spend 3-billion every week in Iraq.

I recommend that all true Republicans return any and all Federal money that comes their way. It''s a matter of principle.; Reply to this comment


by jedi23232 February 1, 2009 8:53 AM EST: THis plan is a total joke just like the first one was. I hope not one republican votes for this ***. Let the Dems wear it for the next four years

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Posted by jedi23232 at 12:52 AM : Feb 01, 2009
+ report abuse
Why would we let this band of fools spend us into further debt. We''''re going to erode the foundation of the country for the next generation. It truly is a ntaional security issue. We''''ve had our party. The biggest economic boom in the history of the world. the lowest unemployment. It''''s time to pay the piper, there''''s no other way. If obama would try to breathe some confidence into this economy instead of trying to CHANGE the country maybe we could turn things around.

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Posted by standlee5 at 11:50 PM : Jan 31, 2009
report abuse
The stimulus stinks. obama the inexperienced is going to lead us right over a cliff. Stop the bankruptcy of america.

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Posted by standlee5 at 11:45 PM : Jan 31, 2009; Reply to this comment


by jedi23232 February 1, 2009 3:52 AM EST: THis plan is a total joke just like the first one was. I hope not one republican votes for this ***. Let the Dems wear it for the next four years; Reply to this comment


by standlee5 February 1, 2009 2:50 AM EST: Why would we let this band of fools spend us into further debt. We''re going to erode the foundation of the country for the next generation. It truly is a ntaional security issue. We''ve had our party. The biggest economic boom in the history of the world. the lowest unemployment. It''s time to pay the piper, there''s no other way. If obama would try to breathe some confidence into this economy instead of trying to CHANGE the country maybe we could turn things around.; Reply to this comment


by standlee5 February 1, 2009 2:45 AM EST: The stimulus stinks. obama the inexperienced is going to lead us right over a cliff. Stop the bankruptcy of america.; Reply to this comment


by jedi23232 February 1, 2009 2:29 AM EST: This bailout is a joke, just like Obama. Thanks Rush for telling the truth that the Drive By media wont tell. They are too in love with their Messiah; Reply to this comment