Arlen Specter - "brink_of_depression"

[Gordon Gekko II]

The nation is on the "brink of a depression," but there's a "reasonable chance" that the $787 billion economic stimulus package will help ease the situation, Sen. Arlen Specter said Monday.

Specter, R-Pa., said the nation's economic situation is more dire than the public has been told, but did not elaborate. "Our economic problems are enormously serious -- more serious than is publicly disclosed. And I think we're on the brink of a depression," he told reporters at the state Capitol.



Specter cast one of only three Republican votes for the stimulus package that President Barack Obama signed last month, drawing flak from members of his party, particularly conservatives.



He reiterated Monday that he felt passage of the legislation was more important than protecting his Senate seat.



"Had there been no stimulus, I think we'd have gone right off the edge," he said. "I think we're pretty close to the edge anyway, to be very brutally blunt about it."