than at any time in the last 50 years -- do n't seem to me in a strong position to lecture about the lessons of history , '' Summers told ABC 's `` This Week . '' President Barack Obama , his advisers and the Democratic leaders of Congress argue the roughly $ 830 billion measure will help pull the U.S. economy out of its current skid . Much of the package involves infrastructure spending , long-term energy projects and aid to cash-strapped state and local governments . The nonpartisan Congressional Budget Office reported last week that the measure is likely to create between 1.3 million and 3.9 million jobs by the end of 2010 , lowering a projected unemployment rate of 8.7 percent by up to 2.1 percentage points . But the CBO warned the long-term effect of that much government spending over the next decade could `` crowd out '' private investment , lowering long-term economic growth forecasts by 0.1 percent to 0.3 percent by 2019 . In a concession to Republicans , about a third of the bill involves tax cuts . But the measure is expected to have only minimal GOP support when it goes to
WASHINGTON -LRB- CNN -RRB- -- 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 . '' But Lawrence Summers , the head of the administration 's National Economic Council , said Republicans have lost their credibility on the issue . Watch Republicans criticize the stimulus bill '' `` Those who presided over the last eight years -- the eight years that brought us to the point where we inherit trillions of dollars of deficit , an economy that 's collapsing more rapidly