Former House Speaker Newt Gingrich saidPresident Barack Obama’s plan to fix the economy through stimulus spending and government intervention to boost companies like General Motors Corp. has "already failed."
Gingrich was the keynote speaker at a fundraising dinner for the Republican House and Senate campaign committees, filling a role President George W. Bush had served for the past eight years.
"Bureaucrats managing companies does not work, politicians dominating the economy does not work," Gingrich told about 2,000 Republicans who attended the event at the Washington Convention Center last night.
Some Republican leaders hailed Gingrich, the leader of the 1994 "Republican Revolution," as a de facto head of the party at a time when Republicans are looking for ideas to lead them back to the majority.
In introducing Gingrich, Representative Paul Ryan of Wisconsin called him the “architect of the last reform movement” and “the man of ideas.”
Gingrich was preceded by a series of Republican leaders who also took aim at Democrats and the government bailout of Detroit-based GM, New York-based American International Group Inc. and other companies.