McCain Touts Economic Plan

By: John Bentley
Topics: John McCain

(CBS)

From CBS News' John Bentley

(DENVER) John McCain said today he will balance the budget by the end of his first term is he is elected president – a daunting task, given that the deficit and is expected to rise to over $400 billion by 2013, according to the Congressional Budget Office.

"We must also get government's fiscal house in order," McCain said as he "re-launched" his economic policy plans. "American workers and families pay their bills and balance their budgets, and I will demand the same of the government. A government that spends wisely and balances its budget is a catalyst for economic growth and the creation of good and secure jobs."

He also promised to cut taxes by eliminating the Alternative Minimum Tax, doubling the personal exemption for dependents, and lowering the federal corporate tax rate.

"If you believe you should pay more taxes, I am the wrong candidate for you. Sen. Obama is your man," McCain said. "Sen. Obama will raise your taxes. I won't. I will cut them where I can. Jobs are the most important thing our economy creates. When you raise taxes in a bad economy you eliminate jobs. I'm not going to let that happen."

Obama responded that McCain's policies amounted to nothing more than a continuation of current "misguided" economic plans. "If you look at the essence of his economic polices, which are based on large, massive tax cuts for corporation and wealthy individuals, only a quarter of those tax cuts going to the middle class, in contrast to my tax plan that would be designed where 95% of the beneficiaries of the tax breaks would go to the middle class," Obama said. "John McCain wants to continue the same policies that George Bush made the cornerstone of his administration. They haven't worked."

McCain also said he would help the economy by making healthcare more affordable and ending America's dependence on foreign oil, which he refers to as the Lexington Project. "My opponent's answer to the Lexington Project is no; no to more drilling; no to more nuclear power; no to research prizes that help solve the problem of affordable electric cars," McCain said. "For a guy whose 'official seal' carried the motto, 'Yes, we can,' Sen. Obama's agenda sure has a whole lot of 'No, we can't.'"

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by mattcat25 July 8, 2008 3:05 PM EDT: The United States National Debt is at approximately $9 TRILLION DOLLARS!
Due to Conservative Governmental OVER SPENDING on pork projects and their grand scam of Weapons of Mass Destruction and the War on Terror where Federal Treasury Funds have been sent to the Private Sector War Contractors without oversight and results.; Reply to this comment


by mattcat25 July 8, 2008 3:01 PM EDT: There%u2019s plenty of OIL to be extracted on American Soil (like in Prudhoe Bay Alaska) where drilling permits have already been issued. The Problem is that the Oil Companies and the Conservatives won%u2019t commence the Oil Harvest because the cost would be $3.00 (costs to pump only) to extract compared to the $5.00 Dollars it costs Middle Eastern Countries. This would drop the price of Oil and would void an old contract of where Arab Countries are obligated to pay on the United States Debt. Drilling Cheaper Oil on American soil would negate the ability to pay down our National Debt. The Conservatives are lying to the American People where it comes to energy in this country. Meanwhile, the Bush Administration has run up our National Debt to approximately $9 Billion Dollars because of over spending and the ridiculous mismanaged War Campaigns in Iraq and Afghanistan. The Republicans are playing both sides of the coin by holding back the production of oil, increasing the National Debt, Cutting Taxes on the Wealthy, and diverting Federal Treasury Funds to the Private Sector.; Reply to this comment


by shingles1 July 8, 2008 2:57 AM EDT: When Presidential candidates unveil their economic "plans", they usually throw out a whole host of numbers and figures to go along with it, to back up their plan. You know, "we want to balance the budget so we''re going to cut this or raise this", etc. McCain''s plan has no statistics or numbers whatsoever. It''s all talk - I want this and I want that...with no facts to explain how we''re going to get there.

His plan must be made of magic!

Either that or the traditional rules of reporting do not apply to McCain- once again.; Reply to this comment


by chuckamok July 8, 2008 12:31 AM EDT: "LET THEM KNOW YOU WANT HILLARY!!!!!"

I HATE HILLARY, AS DO MILLIONS OF AMERICANS !!!!

NO MORE CLINTON SCUM IN THE WHITE HOUSE, EVER AGAIN !!!!; Reply to this comment


by dorocal July 7, 2008 11:16 PM EDT: I will vote for him who will get drilling on our own US soil. It is nonsense to continue to let Saudi Arabia dictate our economy, and stand by stupidly while they do it.; Reply to this comment