Republicans wasted no time Thursday in calling out President Obama and Democrats for their handling of the economy, warning the country should not follow the Democratic Party down the road to ruin.

"It is time this administration and its Capitol Hill ally stop this job-killing agenda," Sen. Orrin Hatch, R-Utah, said at a press conference with other Republican senators.

Obama is simply "out of touch with the American people and out of touch with the economic realities of our country in the summer of 2010," said Sen. John Barasso, R-Wyoming.

The Obama administration is fighting back, touting Wednesday's economic stimulus report, which says the government paid out the largest chunk of stimulus funds so far in the second quarter of 2010 -- $116.3 billion -- which includes both spending on projects and tax cuts to businesses.

The administration said the the $787 billion stimulus is working and has already saved or created about 3 million jobs. Obama is now calling this the "Summer of Recovery."

Republicans, meanwhile, argue that the 9.5 percent unemployment rate is evidence that the country is not seeing a "Summer of Recovery."

The top GOP leader in the House is also targeting the Wall Street Reform Bill, which is expected to be passed by the Senate Thursday.

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