Seventy-six percent (76%) of Americans say it is at least somewhat likely that a large amount of money in the $787-billion economic stimulus plan will be wasted due to inadequate government oversight.

Nearly half (46%) say it is very likely, according to a new Rasmussen Reports national telephone survey.

Only 18% say it is not likely that taxpayer money will be wasted.

Sixty-five percent (65%) of Republicans say it is very likely stimulus money will be wasted, a view shared by just 32% of Democrats and the plurality of adults (44%) not affiliated with either party.

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Fifty-nine percent (59%) of all Americans are not confident that taxpayer money will be wisely and carefully spent despite President Obama’s pledge of unprecedented oversight of all government spending.

Just 36% of Americans are at least somewhat confident that taxpayer money will be wisely and carefully spent, but that’s down 10 points from February just after the president made his pledge, putting Vice President Joseph Biden in charge of oversight.

Americans are slightly more confident, however, that the government will do a better job four years from now than it is today. Forty-four percent (44%) are at least somewhat confident that the government will be spending more wisely and carefully by then, including 16% who are very confident.

Still, a majority of adults (51%) disagree, with 27% not very confident the government will be spending more wisely and carefully in four years and 24% not at all confident.

Obama in a press conference on Tuesday acknowledged that the U.S. economy remains sluggish and reiterated his intention to speed up stimulus spending. While most voters still blame the Bush administration for the nation’s economic problems, a growing number are now inclined to blame the new president.

Forty-five percent (45%) of Americans believe the rest of the new government spending authorized in the stimulus plan should be canceled right away, but 36% disagree.

As is often the case, the gap between the Political Class and Mainstream America is wider than the one between Democrats and Republicans. Seventy-five percent (75%) of the Political Class is at least somewhat confident that the government will spend wisely and carefullyOnly 22% of Mainstream Americans share that optimism.

Most voters (53%) believe increases in government spending hurt the economy. Thirty-nine percent (39%) now expect their personal taxes to rise under the Obama administration, up eight points since the inauguration and the highest level of concern measured to date.

Nearly half of voters (49%) have a favorable opinion of Biden, while 47% view him unfavorably. These numbers have been largely the same since he and Obama took office in January.

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