Obama Rips McCain's Economic Plan

(CBS)

GARY, IND. -- Barack Obama criticized John McCain's appearance at an economic roundtable in Brooklyn today, telling voters not to expect much out of his proposals to improve the economy.

"I'm glad he finally offered a plan," Obama said. "Better late than never. But don't expect any real answers."

"Don't expect it to actually help struggling families. Because Senator McCain's solution to the housing crisis seems like a lot like George Bush's solution to the housing crisis which is to sit by and hope it passes by while families fare facing foreclosure and watching their home values decline all across America and right here in Gary, Indiana."

The McCain campaign quickly fired back, calling Obama's criticisms "sound bites over solutions."

"Unlike Senator Obama, John McCain doesn't believe that writing checks with other people's money is the solution to every problem," McCain spokesman Tucker Bounds said. "He has produced thoughtful, near-term solutions that provide a bridge to a stronger economy that replaces workers' fears of losing a job with a pathway to opportunity and prosperity for their families."

A voter here asked Obama to explain the weakening dollar, which Obama blamed on China's loans to the United States. He then joked that the U.S. is like a "jobless cousin who buys expensive rims on his car."

"The reason the dollar is going down is because our economy is weaker relative to the rest of the world," Obama said, "We've been borrowing money like nobody's business from China, we're like that cousin who always comes and never seems to have a job, you know he's out there buying new rims on his car."