Posted by Ellen Krafve - email
EAST TEXAS (KLTV) - Leaders from all over East Texas got together Thursday to talk specifically about the new stimulus plan signed by President Obama Tuesday. Leaders shared their concerns about the new plan, and what it means for East Texas.
"It's a big gamble," said Sen. John Cornyn. "It's a gamble in excess of a trillion dollars of our children's money on an untested and unproven economic theory."
It was a who's who of East Texas leaders questioning Senator Cornyn on what the new stimulus means for East Texas.
"I hope it works, but frankly I don't have confidence that it will," said Cornyn.
Backing his lack of confidence were these numbers is what Cornyn calls unnecessary spending in the act including 300 million dollars for new cars for federal employees, 450 million for new Department of Homeland Security headquarters and 50 million in grants for art projects. Cornyn also referenced a study by the Congressional Budget Office which said the short term may look good but long term shows a decrease in our gross domestic product by crowding out private investors.
Cornyn said East Texas may be insulated, but changes are on the way. It's a point Gregg County judge, Bill Stoudt agrees with.
"I do think that in the interim a lot of people are gonna be lookin' at how they operate their households, government and their businesses, and we've dealt with tough times before and we'll deal with these as we've done in the past," said Judge Bill Stoudt.
And, when the dust had settled from Thursday's meeting, Cornyn's comments left Stoudt realistic but optimistic.
"It's not all doom and gloom, said Stoud. "We're the greatest country in the world and we'll find a way to deal with this."