Obama: Dems’ Stimulus Was “Designed” to Gamble With Taxpayer Dollars

October 12, 2011

FYI, a similar version of this release below went out to the following districts: Jason Altmire (PA-04), John Barrow (GA-12), Sanford Bishop (GA-02), Tim Bishop (NY-01), Leonard Boswell (IA-03), Bruce Braley (IA-01), Lois Capps (CA-23), Dennis Cardoza (CA-18), Russ Carnahan (MO-03), Kathy Castor (FL-11), Ben Chandler (KY-06), David Cicilline (RI-01), Gerry Connolly (VA-11), Jim Cooper (TN-05), Jim Costa (CA-20), Henry Cuellar (TX-28), John Garamendi (CA-10), Raul Grijalva (AZ-07), Brian Higgins (NY-27), Jim Himes (CT-04), Ruben Hinojosa (TX-15), Tim Holden (PA-17), Rush Holt (NJ-12), Steve Israel (NY-02), Bill Keating (MA-10), Ron Kind (WI-03), Larry Kissell (NC-08), Rick Larsen (WA-02), David Loebsack (IA-02), Jim Matheson (UT-02), Carolyn McCarthy (NY-04), Mike McIntyre (NC-07), Jerry McNerney (CA-11), Michael Michaud (ME-02), Brad Miller (NC-13), Bill Owens (NY-23), Frank Pallone (NJ-06), Ed Perlmutter (CO-07), Gary Peters (MI-09), Chellie Pingree (ME-01), David Price (NC-04), Nick Rahall (WV-03), Loretta Sanchez (CA-47), Kurt Schrader (OR-05), Adam Smith (WA-09), Betty Sutton (OH-13), John Tierney (MA-06), Niki Tsongas (MA-05), Pete Visclosky (IN-01), Tim Walz (MN-01), John Yarmuth (KY-03)

Obama: Costa’s Stimulus Was “Designed” to Gamble With Taxpayer Dollars
Democrats Prepare to Double Down on Another Failed Stimulus After Dealing the $535 Million Solyndra Flop to American Taxpayers

Washington — Although California Democrat Jim Costa’s $535 million stimulus bet failed spectacularly, President Obama was hardly surprised, saying “that’s exactly what the loan guarantee program was designed by Congress to do.” And despite the recent news that bigger Solyndra-esque meltdowns could very well be on the way, Costa’s Democrat leaders in Washington are going all-in on a second stimulus paid for with billions in new job-killing taxes.

“President Obama’s claim that Jim Costa and his fellow Congressional Democrats ‘designed’ their failed stimulus to place unacceptably risky bets with taxpayer money seems fairly accurate in the wake of the Solyndra meltdown,” said NRCC Communications Director Paul Lindsay. “With the news that bigger green gambling busts could very well be on the way, it seems that a repeat of Costa’s failed stimulus and job-killing taxes are exactly the wrong solution after years of failed Democrat leadership in Washington.”

President Obama admitted that Congress designed the failed stimulus to make risky bets with taxpayers’ hard-earned dollars:

“And the nature of these programs are going to be ones in which for every success there may be one that does not work out as well. But that’s exactly what the loan guarantee program was designed by Congress to do, was to take bets on these areas where we need to make sure that we’re maintaining our lead.” (“News Conference by the President,” The White House, 10/6/11)

The $535 million Solyndra fiasco appears to be just the “tip of the iceberg”:

“Emails released earlier this month show that at least one official of the Office of Management and Budget worried that Solyndra was just the tip of the iceberg when it came to ill-conceived government loans to green energy companies.

‘(W)hat’s terrifying is that after looking at some of the ones that came next, this one started to look better,’ the official emailed. ‘Bad days are coming.'” (Jake Tapper, “Solyndra Fallout:House GOP Wants Info on Other Loans Made at Deadline,” ABC News’ Political Punch Blog, 10/10/11)

Then-Chief of Staff Rahm Emmanuel also recently dismissed these concerns, reflecting the ambivalence Washington Democrats feel over their first stimulus plan’s dismal record:

“And like venture capital, sometimes you’re right and sometimes you’re wrong and that’s unfortunate and nobody takes losing money easy. … So take a wide lens view of the policy – I did my job as chief of staff.” (WLS 890 AM’s “The Rasmussen Report with Scott Rasmussen,” 10/11/11)

In the wake of the Solyndra meltdown, it comes as no surprise that Jim Costa and his fellow Congressional Democrats originally designed it to take huge risks with taxpayer money. But instead of learning from their mistakes, Costa’s Democrat leaders are now poised to bring on round two even though the first stimulus will likely continue to reveal even bigger busts with the taxpayers’ dollars.

Obama: Dems’ Stimulus Was “Designed” to Gamble With Taxpayer Dollars http://ow.ly/6V4df #madeinwdc

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