Corker sees credit as key to recovery

WASHINGTON, Dec. 28 (UPI) -- An influential Republican senator said Sunday that getting credit markets back in action is still a critical need for the overall U.S. economy.

Sen. Bob Corker, R-Tenn., told ABC's "This Week" that he was concerned about the size of the economic stimulus program that President-elect Barack Obama is formulating and favored a cautious approach to big-ticket projects that might have only a temporary effect.

"The biggest thing we can do … is get the credit markets functioning so that local banks are lending money to small businesses that create the jobs that all of us care so much about," said Corker, who was a leader of the GOP's resistance to a rescue package for the auto industry.

Corker also told ABC the "worst idea" for an economic stimulus would be no-strings grants to city and state governments for pet projects that would create only a limited number of jobs.

"Causing projects to happen that wouldn't happen otherwise is not what we ought to be doing," he said.