WASHINGTON (CNN) -- Leading Republicans warned Sunday that the Obama administration's $800 billion-plus economic stimulus effort will lead to what one called a "financial disaster." The country will "pay dearly" if it executes the president's stimulus plans, Sen. Richard Shelby says. "Everybody on the street in America understands that," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee. "This is not the right road to go. We'll pay dearly." Shelby, of Alabama, told CNN's "State of the Union" that the package and efforts to shore up the struggling banking system will put the United States on "a road to financial disaster."
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Sen. Shelby: Package plus bank bailout will put U.S. on "a road to financial disaster"
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Shelby: Economy "will continue to tank" unless banking system is addressed first
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Crisis will deepen without significant economic boost, Democratic senator tells CBS
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Sen. McCain: We need to spend money to create jobs, but not this way
In a concession to @placeholder, about a third of the bill involves tax cuts.