He said last year he was "convinced it was an imminent systemic meltdown" but that original plan is now "being used as a precedent for unlimited, continued infusions of cash."
McConnell also touched on Card Check, refusing to predict a final outcome but assuring that at least two of the three Republican Senators who voted for the stimulus bill, would oppose Card Check.
"I'm somewhat optimistic that we will have everyone on Card Check," he said. "No part of this bill is acceptable...no part should go through."
During his public speech, McConnell praised the crowd for tripling the number of attendees of the Left's CPAC imitation Take Back America. Despite the numbers gap, he reminded that Democrats claim a powerful national influence at the moment.
He emphasized a growing theme in the conservative movement -- attracting Hispanic voters. CPAC hosted a panel yesterday dedicated to building the Conservative Hispanic Coalition and the Young Conservatives Coalition (YCC) this morning featured Hispanic conservative leader Mario Lopez, who told the crowd, "You have to care about reaching Hispanics in the conservative community."