McCain Says Obama's Tax Plans "Not Plausible"

(CBS)

From CBS News' John Bentley:

(GOFFSTOWN, N.H.) – Unleashing a new barrage of criticism against Barack Obama's tax plan today, John McCain hoped to give his campaign a boost here in the state that saved him in the primaries.

"So let's try to get all this straight. My opponent says he's going to cut income taxes for 95 percent of Americans – including that miraculous reduction for those who aren't paying any right now. Then he commits to more than a trillion dollars in new federal spending. And even after voting for the 750 billion dollar rescue package earlier this month, he won't even specify a single cut in spending that he would consider," McCain said. "That leaves us with almost two trillion dollars in new spending to which Barack Obama stands committed, and no explanation at all of how he is going to pay for it. Does anyone seriously believe that these trillions of dollars are going to come from only the very highest income earners?"

McCain even used a newspaper his campaign manager called "an organ of the Democratic National Committee" to bolster his argument.

"An influential newspaper called his claims 'neither politically nor economically plausible,'" McCain said. "That critique came from the editorial board of The New York Times, and when Barack Obama loses them, you know he's gone too far."

The Obama campaign says that they can pay for their spending increases, and that McCain's tax plans would hurt average Americans while giving a break to corporations.

"John McCain is so out of touch that he thinks Sen. Obama's plan to provide tax relief for hardworking middle class Americans who pay payroll taxes on every dime they earn is 'welfare,' but his plan to give billions in new tax breaks to the largest corporations is fairness," said Obama spokesman Hari Sevugan. "And while Barack Obama has accounted for his proposals, John McCain wants another $300 billion bailout that gives taxpayers a raw deal to pay for a sweetheart deal for the same lenders that got us into this mess to begin with."