Obama Hits McCain on the Economy

By: Maria Gavrilovic
Topics: Barack Obama

(CBS)

From CBS News' Maria Gavrilovic:

RALEIGH, N.C. -- Barack Obama accused John McCain today of offering a tax cut plan which would bring corporations $2 trillion in tax breaks, including $1.2 billion for ExxonMobil, and will add $5.7 trillion to the national debt. As oil and gas prices reach record highs, Obama is beginning to portray McCain as the candidate whose policies will intensify the current economic crisis.

"At a time when we're fighting two wars, when millions of Americans can't afford their medical bills or their tuition bills, when we're paying more than $4 a gallon for gas, the man who rails against government spending wants to spend $1.2 billion on a tax break for Exxon Mobil," Obama said in his remarks on the economy today. "That isn't just irresponsible. It's outrageous."

On a conference call with reporters after Obama's speech, McCain surrogates said they did not know the source of Obama's calculations. "I do not know how he gets to the claim of adding $5.7 trillion to the national debt," McCain advisor Doug Holtz-Eakin said. "Senator McCain's proposals combined tax and spending intiatives would bring the budget to balance by the end of his first term in 2013 and maintain balance or surplus there after."

Holtz-Eakin added that the $1.2 billion tax cut for Exxon is part of a "basic across the board corporate rate cuts that is necessary to keep the American corporate sector competitive in the global economy and jobs in America."

The Obama campaign said their calculations are based on a study by the Center for American Progress Action Fund published in March 2008.

In his remarks today, Obama said his plan will provide a second stimulus package intended to bring $50 billion relief for the middle class. In order to alleviate energy costs, Obama said he will reform the tax code by shutting down corporate loopholes.

"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills."

The McCain quickly responded to Obama's proposals, accusing him supporting an energy bill which included subsidies for oil companies.

"Barack Obama voted for Vice President Cheney's energy bill while John McCain stridently opposed it – that Obama-supported bill included billions in tax subsidies for oil companies including ExxonMobil. Barack Obama is conveniently ignoring his record of weak leadership, but that doesn't mean voters will." McCain spokesman, Tucker Bounds said.

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by ruffyy June 10, 2008 10:23 PM EDT: Oil was 20.00 a barrel when Clinton left the White House. Today it''s 133.00 A real bonus would be a 200.00 a month energy subsidy for American citizens who pay taxes and are registered to that address or 2400.00 for low and middle class households.; Reply to this comment


by jennybee42 June 10, 2008 2:48 PM EDT: Just cancel the $30 billion in additonal aid Obama promised Israel and use that money to help Americans...The American people are so stupid and cannot see the billions of dollars from the US treasury being stolen from them by Israel..Americans vote for politicians that give away the bank to Israel while Americans citizens suffer...get a clue and vote for canidates that put Americans first.; Reply to this comment


by mattcat25 June 10, 2008 12:33 PM EDT: "Maybe four buck gas will FINALLY break the resistance to drilling everywhere we can, here, to boost domestic production."

"Right?"
Posted by Chuckamok at 08:34 PM : Jun 09, 2008

Maybe, just maybe that was the plan all along?

forego the left wing tree hugger environmentlists and further pollute protected areas for....BIG OIL $PROFITS!!

America needs change when it comes to energy...; Reply to this comment


by jack3213 June 10, 2008 10:25 AM EDT: Obama said :" "At a time when we''re fighting two wars, when millions of Americans can''t afford their medical bills or their tuition bills, when we''re paying more than $4 a gallon for gas, the man who rails against government spending wants to spend $1.2 billion on a tax break for Exxon Mobil," Obama said. "That isn''t just irresponsible. It''s outrageous."

AS A DEMOCRAT OBAMA RAISING TAXES IS OUTRAGEOUS!
AS A DEMOCRAT OBAMA MEETING UNCONDITONALLY WITH TERRORISTS IS OUTRAGEOUS!
AS A DEMOCRAT OBAMA IRRESPONSIBLY LEAVING IRAQ IS OUTRAGEOUS!
AS A DEMOCRATIC OBAMA, PART OF A DEMOCRATIC CONGRESS MAKING PROMISES THEY NEVER KEPT- THAT IS OUTRAGEOUS!
AS A DEMOCRAT, OBAMA WHO HAS ATTENDED A USA HATING CHURCH FOR 20 YEARS- THAT IS OUTRAGEOUS!
AS A DEMOCRAT OBAMA, INEXPERAINCED AND UNQUALIFIED IS OUTRAGEOUS!
THEY REPORT- YOU DECIDE.; Reply to this comment


by tiredofobama June 10, 2008 12:54 AM EDT: Oh, this is priceless...

And McCain is exactly right! Obama voted for *** Cheney''s energy bill, and we all know Obama lies like a damned rug about his own record!

Next we''ll hear Obama re=write history and say he never voted for *** Cheney''s energ bill...just he''s never owned up to all the oil and energy money from executives, and claims grassroots donations!

LMAO! Obama is a total damned joke!; Reply to this comment


by chuckamok June 9, 2008 11:34 PM EDT: The Dems control Congress,right?

And their approval rating is at about 12%, right?

Maybe four buck gas will FINALLY break the resistance to drilling everywhere we can, here, to boost domestic production.

Right?; Reply to this comment


by Greg8365 June 9, 2008 11:09 PM EDT: It has been proven many times over that lowering taxes increases revenue for the government and increases R&D spending by companies. The problem is SPENDING!! When you have a cash flow problem at home do you spend more (credit cards) or do you cut spending? Both Democrats and Republicans need to stop spending and start paying down the national debt. I live pay check to pay check and even I know that if Obama gets into office and raises taxes on businesses and the wealthy, that it will be a detriment to the economy.

What really needs to happen is for the US oil companies to flood the market with oil (if you need a new government program to feel good about yourself, there you go!). Once the price of energy drops to a reasonable level, and taxes remain low for everyone, the economy will flourish. The dollar will start to recover once the national debt starts getting paid down and all will be good in the word. Especially when OPEC asks us to stop flooding the market with oil (thus lowering the price) and we can tell them to pound sand!; Reply to this comment


by obbcbs June 9, 2008 9:14 PM EDT: Will some Republicans please insist that McCain submit to testing for incipient Alzheimer''s and short term memory loss, before the convention?; Reply to this comment


by obbcbs June 9, 2008 9:13 PM EDT: My favorite of the day is McCain''s lie that the Dems will increase taxes. No, actually: Obama urged tax reductions for middle-income families and retirees. The only increases will be for the rich and stock market players who got an unneeded tax DECREASE under Bush.; Reply to this comment


by obbcbs June 9, 2008 9:11 PM EDT: We spent a trillion dollars on the fake war in Iraq whose purpose was confessed by McClellan to be to rev up support for the President. A fake war, and all our money gone. Vote for sanity, Vote Democratic for Senators and President and take control of the economy.
Dont think just having a President is enough.
Elect a Democratic dominated Senate so we dont have to listen to filibusters over replacing the lobbyists pals with functional government.; Reply to this comment