NEW: Senate GOP leaders warns against `Christmas list' approach

WASHINGTON (AP) - Republicans are pledging to work with President Barack Obama on the economy.

By: Associated Press | WNCT
Published: January 31, 2009

WASHINGTON (AP) - Republicans are pledging to work with President Barack Obama on the economy. But they're renewing their opposition to much in the economic stimulus package now before Congress.

In the Republican radio address, Senate Minority Leader Mitch McConnell warned against treating government spending like a "trillion-dollar Christmas list."

McConnell says the stimulus plan, as it now stands, "falls far short of the president's vision for a bill that creates jobs and puts us on a path to long-term economic health."

Obama has signaled his willingness to compromise. Republicans say they hope the administration takes into account their wishes.

Speaking for the GOP, McConnell promoted a mortgage program for creditworthy borrowers, offering fixed-rate 4 percent loans designed to increase housing demands and lending.

In his Saturday address on the radio and the Internet, President Barack Obama promised a new strategy soon for spending the second half of the financial bailout money. He says it will be aimed at lowering mortgage costs, offering job-creating loans for small businesses, getting credit flowing and reining in free-spending executives.