Senate Majority Leader: 'We're spending a billion dollars an hour' - Spokane, North Idaho News & Weather KHQ.com

Senate Majority Leader: 'We're spending a billion dollars an hour'

Comment: Should banks who send bailout money overseas be punished? Leave your thoughts at the bottom of the story.

WASHINGTON. - Thursday at the White House, a stimulus huddle was hosted by the president. At the forefront: How states are to use the $787 billion economic jolt and avoid waste.

Overall, tracking the various pots of money is dizzying.

Senate Minority Leader Mitch McConnell says "we're spending in the first 50 days of this new Administration at the rate of a billion dollars an hour."

There's the $410 billion spending bill the president signed despite $6 billion in earmarks. He said that fight's for another day.

President Obama said "this piece of legislation must mark an end to the old way of doing business."

Then there's the rest of the $700 billion Wall Street bailout. Banks are still bogged down by losses stemming from bad mortgages.

Rhode Island Senator Patrick Kennedy says "we also don't want to overpay for these toxic assets any more than they have to be."

Lawmakers channeled voter outrage that some banks have used bailout cash to invest overseas. Citibank in Dubai, JP Morgan in India. They admitted little is known about where much of it has gone.

Maryland Congressman Elijah Cummings says "the American people have gotta see that they're getting something out of the deal. That's the problem. Duh!"

JP Morgan's CEO said the U.S. economy is benefitting.

JP Morgan CEO Jamie Dimon said "if you ask any TARP bank they're lending more than they otherwise would have."

One study shows lending has increased slightly.

Now the Obama team wants $100 billion more from Congress, this chunk to prop up the global economy reeling from the U.S. downturn.

Treasury Secretary Geithner meets with G-20 finance ministers this weekend. He's bound to face questions on the many rescue efforts underway when he testifies here today on the overall Obama budget plan.

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