From our Capitol Hill Correspondent:
John McCain said today that the results of the election – an election in which he was soundly defeated – show the need for Republicans to block what he calls the excessive spending in the Democrats’ economic stimulus bill.
"One of the reasons why republicans lost the last election is because our base who are concerned about our stewardship of their tax dollars believe that we got on a spending spree which has mortgaged our children’s futures," McCain said in a speech on the Senate floor. "If there is a future on this side of the aisle, then we have got to clean up our act on spending."
Speaking at the White House, President Obama drew the opposite lesson from the election results. "In the past few days," Obama said, "I have heard criticism that this plan is somehow wanting and these criticisms echo the very same failed economic theories that led us to this crisis in the first place: The notion that tax cuts alone will solve all our problems, that we can ignore fundamental challenges like energy independence and the high cost of health care, that we can somehow deal with this in a piecemeal fashion and still expect our economy and our country to thrive. I reject those theories and so do the American people when they went to the polls in November and voted resoundingly for change."
More to come…