Kyl, McCain explain vote against stimulus

Jon Kyl and John McCain co-authored this editorial for the Arizona Republic:

Proponents of the so-called economic stimulus bill have argued that legislation is necessary to stimulate our economy. We agree. The nation needs legislation that creates jobs, fixes our housing crisis, and puts us on a path toward economic recovery.

Unfortunately, the legislation Congress passed on Friday does not achieve these goals. Instead, this massive, out-of-control spending bill will only serve to increase our burgeoning national debt and do little to help Americans who are facing foreclosures, layoffs and financial challenges.

Arizona has experienced the largest number of home foreclosures in the United States, behind Nevada and Florida. Phoenix leads every metropolitan area in the country for the greatest decline in home values in 2008. Over a third of all homes sold in Tucson last year were sold at a loss. The housing crisis in Arizona is exacerbated by the significant job losses the state has experienced.

The fact is, we are in uncharted territory, and no one knows for sure how best to handle the economic crisis.

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