Republicans Do Not Want Second Stimulus

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Republicans are united in their opposition to a second stimulus package, while at the same time, some Democrats are calling for more spending to get the sluggish economy moving.

Rep. Eric Cantor, R-Va., told Chris Wallace on Fox News Sunday that the $787 billion stimulus passed earlier this year has not helped the economy and has only led to higher deficits.

"Chris, I do think it is fair to say that the stimulus is a flop. The goal that was set when we passed it was unemployment wouldn't rise past 8.5 percent, and what we see now is businesses just aren't hiring," he explained.

Cantor said moderate projections are for at least 750,000 more job losses this year.

Even Larry Summers, the President's economic adviser said the nation hasn't seen the worst of the economic effects just yet.

Over the weekend, President Obama defended the stimulus, saying it is "working exactly as we had anticipated."

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