Editor 's note : Eric Cantor , a Republican serving his fifth term representing the 7th District of Virginia , was elected last month as the Republican Whip , the party 's second-highest position in the House of Representatives . He also serves on the House Ways and Means Committee . Rep. Eric Cantor says Republicans want to make sure the massive economic stimulus plan is used wisely . WASHINGTON ( CNN ) -- Bolstered by wide Democratic margins in both chambers of Congress , the new administration assumes power Tuesday with a broad public mandate to repair the feeble economy . But with such a free hand over current stimulus efforts comes great danger . Costing at the very least a hefty $ 825 billion , the plan 's potential for taxpayer waste and special-interest-driven giveaways is enormous . We Republicans believe we can help mitigate those risks if we are given a meaningful place at the table . President-elect Barack Obama was correct to point out recently that no one party has a monopoly over sound ideas . Rather than presenting an obstacle , House Republicans intend to use the full force of our ideas to help Democrats produce a better package to help pull the country back from the economic abyss . Specifically , we want to keep the stimulus bill -- as well as all other future economic `` rescue '' measures -- limited in scope and transparent . Our country has no other choice . The Congressional Budget Office ( CBO ) issued a sobering report that this year 's deficit will likely climb to over 8 percent of U.S. gross domestic product , or $ 1.2 trillion . That 's higher than at any point since World War II -- and those figures do n't even account for the forthcoming stimulus . Such heavy borrowing runs the risk down the line of rampant inflation , which scares away foreign capital while making the purchasing power of the dollar weaker for American consumers . While deflation may be the more immediate threat that the Federal Reserve and Treasury Department are correctly focused on , uncontrolled spending and borrowing could easily necessitate much higher Treasury interest rates to keep foreigners financing our mounting debt . Especially given the looming entitlement crisis , this poses heavy danger for businesses and families alike . Let 's not lay the groundwork for future financial catastrophe . Let 's lay it for future growth . The stimulus can do that by focusing exclusively on strengthening businesses , boosting job creation and lifting consumer confidence . Our preferred strategy is to provide meaningful tax relief directly to middle-class taxpayers and the small businesses that they operate or work for . Particularly in down times , tax cuts can lift an economy by encouraging work , investment and business expansion . That should be the aim of the $ 300 billion in tax cuts the president-elect has pledged -- an apparent recognition , however overdue , that tax cuts are in fact stimulative for the economy . But we also accept that these are dizzyingly uncertain economic days for our country . The Democrats have proposed additional spending for infrastructure and the like , ostensibly to compensate for stagnation in the private sector . Like bears sniffing out food at a campfire pit , those looking for a piece of the multi-billion dollar pie have flooded Washington with a cascade of requests , some capable of spurring immediate and lasting growth , others falling hopelessly short . In order for the public to know that money is not wasted , two things are needed . First , we need to reconcile the American people 's demands for swift action with the fact that a good bill requires time -- time to hold hearings , read the bill in painstaking detail , and root out waste . Second , Democrats have to live up to President-elect Obama 's vow for `` unprecedented transparency . '' The GOP welcomes and strongly encourages the president-elect 's idea to post all contents of the bill online for the American people to judge . Lastly , any new spending must be introduced with the clear understanding that it is temporary rather than permanent . It is not always easy to terminate spending programs once they have been funded , but our bleak long-term budget outlook requires significant sacrifices over the coming years . We trust the Democrats ' assurances that the economic stimulus will not be turned into a grab bag for favored interests . Serving as the honest and fair check on majority power , we will work to ensure they keep their word . The opinions expressed in this commentary are solely those of Eric Cantor .
Rep. Eric Cantor : Obama has a mandate for plan to spark the economy . Plan 's potential for waste and special-interest giveaways is enormous , he says . Cantor : We support Obama 's idea of making the plan transparent . He says best strategy is to provide tax relief to middle class , small business .