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President Obama and Congressional Democrats have seemingly won a legislative victory when two or three GOP moderates sold out their party and agreed to PORKULUS or S.1, the Economic Stimulus bill.

The bill in the Senate has been cut from $920 billion to $820 billion but once the Senate passes the bill, it must be reconciled with the House passed version, H.R. 1. And House Democrats are not happy about the Senate cuts.

The GOP has ONLY two or three members (Senators Susan Colins, Arlen Specter and Olympia Snowe) who support the bill. Most Republicans are strongly opposed to the compromised bill and ridicule it as too expensive and an ineffective stimulus to the economy.

U.S. Senator James Inhofe (R-Okla.), issued the following statement tonight after the announcement of a compromise on the Senate stimulus bill.

“While I appreciate the efforts of my colleagues to bring down the price tag of this bill, the fact is we still face a trillion dollar spending bill. Making it worse, the bill is 93% spending and only 7% stimulation. Over the past few days I have fought to include more in the way of real stimulus through higher percentage of infrastructure and defense spending, while working to cut much of the typical government waste often found in a bill of this size. Yet Democrats have blocked these efforts.

“The good news tonight is that the American people are catching on to the fact that this is the largest spending bill in history and are becoming more and more vocal in their opposition. My offices in Oklahoma and Washington DC have been flooded with emails, phone calls and faxes overwhelmingly opposed to this trillion dollar legislation. They can rest assured that my vote remains an unwavering ‘no.’”

There is no guarantee that the GOP Senators will support the conferenced bill, should House Democrats not agree to Senate imposed cuts.

Stay tuned……..