McCain, Obama Spar Over Economy

In Dueling Speeches, Candidates Take Shots At Each Others' Economic Recovery Plans

(CBS/ AP)  Barack Obama and John McCain agree on this much: The economy is staggering under the Bush administration, and Americans are hurting. But who's to blame and how best to fix it?

Well, they part ways on that, as they made clear in dueling economic speeches Monday on the issue that has taken center stage in their presidential contest.

Obama said that McCain offers a third term of President Bush's policies.

"John McCain's policies are essentially a repeat, a regurgitation of what we've been hearing from the Republican Party over the last two decades, maybe three," Obama said in St. Louis, where his plane made an unscheduled stop because of mechanical problems that forced him to cancel an appearance in Charlotte, N.C. "It's part of the reason that we're in the situation that we find ourselves in right now."

McCain now supports extending the Bush income tax cuts, even though he once opposed them as too generous to the wealthy, reports CBS News Capitol Hill Correspondent Chip Reid.

Obama's plan is to roll back the Bush tax cuts and use the savings for a middle class tax cut.

A recent study by the non-partisan Tax Policy Center says Obama's plan would give a cut of more than $1,000 dollars to families making between $37,000 and $66,000 a year. Under McCain's plan they'd get just $319, according to the study.

McCain has been forced into a more defensive crouch because his party has held the White House while jobs, home values, stock prices and consumer confidence have tumbled.

While calling Obama's plans expensive and unwise on Monday, he tried to distance himself from President Bush where he could.

"This Congress and this administration have failed to meet their responsibilities to manage the government," McCain said in Denver. "Government has grown by 60 percent in the last eight years. That is simply inexcusable."

He promised to veto "every single bill with wasteful spending."

McCain has said the economy is not his strong suit, and on Monday he seemed eager to show a deeper understanding of the topic, even as he dismissed experts.

"Some economists don't think much of my gas tax holiday," he said of his plan to temporarily suspend the federal levy on motor fuels. "But the American people like it, and so do small business owners."

Obama calls that plan a gimmick that will not lower gasoline prices.

The Democratic senator favors tax cuts for middle-class workers and tax increases for top earners. He calls for substantial government subsidies for health care, college, retirement and alternative energies.

McCain pledges to cut taxes for all and raise them on none. Government should shrink, not grow, he told his audience in Denver.

From a political standpoint, Obama's selling job would seem easier. McCain has linked himself in many ways to the struggling administration, including his call to continue Bush's first-term tax cuts, which he initially opposed.

A recent poll by Democracy Corps, which is run by Democratic strategists, suggests that voters are very much up for grabs on economic issues.

Asked to react to descriptions of the candidates' economic plans, 50 percent said their views more closely resembled McCain's goal of cutting taxes for the middle class and for businesses, simplifying the tax code, maintaining free trade and eliminating government waste.

Forty five percent said their views more closely resembled Obama's goal of cutting taxes for 95 percent of American families, eliminating special tax breaks for big corporations, renegotiating trade treaties, creating jobs by investing in research and education and in new energy sources.

At the same time, 49 percent said their views closely tracked Obama's portrayal of McCain's economic plan as a continuation of "the failed policy of George Bush." Four out of ten said their views were closer to McCain's claims that Obama's plan calls for up to a trillion dollars in new taxes as well as "a massive increase in federal spending, including a federal takeover of health care."

Obama renewed his call Monday for a $50 billion "second stimulus package" that would provide energy rebate checks for many families, a fund to help families avoid foreclosure and increased assistance for states hit especially hard by economic setbacks.

He said he would eliminate income taxes for retirees making less than $50,000 a year. People still working, he said in remarks he had planned to give in Charlotte, would be automatically enrolled "in a workplace pension plan that stays with you from job to job. And for working families who earn under $75,000, we will start that nest egg for you by matching 50 percent of the first $1,000 you save and depositing it directly into your account."

McCain's plans include doubling the child tax deduction from $3,500 to $7,000 "for every dependent." He also cited his plans to cut the estate tax, although Democrats note that it applies to few Americans.

McCain would provide refundable tax credits of $2,500 for individuals, and $5,000 for families, for all those who buy health insurance. Employer contributions toward health insurance would be treated as income, meaning workers would have to pay income taxes on it, but not payroll taxes.

Obama says that plan would seriously undermine the employer-based system that provides health insurance to about 158 million workers. He would require most employers to provide health care for their workers or pay into a national health care plan.

McCain said Obama's plan would hurt small businesses and hamper job creation.

McCain restated his support of free trade, though acknowledging it "is not a positive for everyone." He promised to retrain workers who lose their jobs to overseas plants.

Obama has said he would revisit major trade pacts such as the North America Free Trade Agreement. He said in Monday's prepared remarks that he believes in free trade, but the cause is not helped "when we pass trade agreements that hand out favors to special interests and do little to help workers who have to watch their factories close down. There is nothing protectionist about demanding that trade spreads the benefits of globalization as broadly as possible."

In Denver, McCain repeated his call to build at least 45 new nuclear plants, which he said "will create over 700,000 good jobs to construct and operate them."

Obama has said he would consider nuclear energy as part of a broader approach to energy production, which would emphasize renewable fuels.

[jack3213]

McCain will help the economy by cutting taxes, encouraging free trade, building nuclear power plants and launching other initiatives. McCain also repeated his call to build at least 45 new nuclear plants, which he said "will create over 700,000 good jobs to construct and operate them."

Obama''s "plan is all about middle-class families," she said. "We''re talking about changing the tax code to help out those who need it instead of those very few at the top."

Is that all? That is not a plan- that is an empty promise and a foolish one- The rich do not have to apoligize for being rich- and the poor need to have jobs- Obama is just a naive, inexperianced, man. He is rich, will he give some of his milllions to the poor? I doubt it. I also doubt Clinton will help him once he loses and he needs to find money to help with his debts.

[DCropp]

After watching Carly Fiona talk about McCain, I realized McCain made a major mistake.

Carly Fiona was responsible for thousands of US jobs going overseas.

Carly Fiona received $21.1 million dollars when she was fired. For doing a bad job, she received more money than 99.9999% of Americans will earn in their entire lifetime.

Doesn''t Senator McCain understand Americans deserve the truth and not more corporate lies. We need jobs and aren''t going to listen to someone who does a bad job, but is given millions to leave.

[cattlekate]

jack - just curious - where are we going to put the nuclear waste?

[watcher269-2009]

McShame has stated Numerous time that he knows nothing about the economy.

I guess - having no plan except to adopt Bushit''s plan is a plan - eh?

[incog-nito]

McCain "said he would help the economy by cutting taxes, encouraging free trade..."

Didn''t the borrow-and-spend, move-jobs-overseas policies of the past 8 years get America in trouble in the first place?

A vote McCain is a vote for Bush.

[frootloop47]

McSAME said "he would help the economy by cutting taxes, encouraging free trade, building nuclear power plants"
Cutting taxes: Yeah, continue the tax cut for the very wealthiest of Americans. Obama''s plan will provide a tax cut for low and middle class American, i.e. -- $250,000.
Free Trade: i.e. NAFTA. McBush is banging at Obama for seeing the NEED to re-negotiate these off-balanced, unfair to Americans, "Free Trade Agreement". Obama believe is free trade, but on a level playing field.
Nuclear Power: Obama agree''s with developing this energy source, but along with throughly researching and planning on what to do with the waste.

Vote Obama ''08!!

[whitemale08]

Serfdom is not a plan for America!!!

Come on Republicans! You could of done better then John McCain.

[jn122736]

Our national debt MORE than doubled during the Reagan administration with his cut taxes, borrow and spend, policy.
It has doubled again during this Bush administration because of the same policy.

McCain will cut taxes further and borrow even more.

He will continue the horrendously expensive Iraq fiasco.
He cannot possibly cut domestic spending further than Bush already has.
The national debt will double once again, bringing it to $20 TRILLION.

America will no longer be able to borrow the money in the future without raising interest rates (to be competitive with foreign currency).
The $406 BILLION interest we paid for FY 2006 will mushroom to $2 TRILLION PER YEAR.
That is probably more than we are now spending for all domestic programs combined.

Taxes should not be cut until we have eliminated the national debt and achieved a balanced budget.
In fact the government should reinstate the tax rates of the 1960%u2019s, especially estate taxes.

Reinstate and/or enforce all previous anti-monopoly laws and break up ALL existing monopolies.
Ban lobbyist and/or corporations from funding or even contributing to campaigns, even if that should require a constitutional amendment to over rule the supreme courts decision that corporation have the same right as the individual citizen.
IMO, that is the only way we can save this country from financial collapse.

[chrisl45]

John McCain really knows what''s he''s doing. He''s not flip-flopping on the major issues like Obama (Mr. Bomb America) is.

[chrisl45]

John McCain''s internment in Vietnam proves he is patriotic. I mean torture at the Hanoi Hilton decreased during the later half of his imprisonment. This was because Vietnam wanted to alleviate world condemation of the POWs treatment. But, during this time period, a guard re-broke his leg because he sat down while standing in a corner. O''kay, I''ve proven his patriotism a little more. Now, John McCain has the experience to improve conditions in the United States. He has not only read about what the government has done in the past like Obama, but he has lived through it much more. This intuition has been put into his life essence. He''s quicker, stronger, and is capable of giving an overall better response to any financial problem. For example, John has shouted we''ll build nuclear reactors, right. Well, one of the old beliefs was that once oil goes away the nuclear reactors will help to alleviate the problem. So, John not only has the experience he will use it to help the country. Obama is chasing his tail.

[DCropp]

Leave it to McCain to hire former CEO Fiora who ran HP so poorly that their stock dropped 50% while she ran it.

After dropping HP stock 50% (while other tech stocks were up 300%), Fiora received $21.1 million golden parachute.

Making millions for running a business terribly. Sounds like a perfect resume for Senator McCain''s economic plan.

[homespunlady]

And so the distortions begin...

Doing More of the SAME failed economic policies WILL give this country More of the SAME WEALTH GAP problems that EVERY OTHER FEUDAL SOCIETY has had.

Yeah, the WEALTHY had a "Machiavelli style freedom" back then, there WAS a TINY "merchant class" but the SERFS had NEAR SLAVERY to simply SURVIVE.

It is the precursor to REBELLION and MORE WAR.

The biggest difference is the advances in science since the Dark Ages so disease is more hidden, sanitation is more common and electronic Diversions have taken the place of "THE CHURCH" to keep the people in line - otherwise, stack a little more social DISPARITY on and a few MORE "disasters" that are poorly managed and we''ll be RIGHT BACK to the time of the "Crusades".

What OTHER time would "handlers" REWARD a "Machiavellian" like Rush Limbaugh with nearly a HALF-TRILLION dollar AWARD for INCITING HIS FOLLOWERS to MANIPULATE "the opposition''s" primary elections and threaten RIOTS in the streets at the Denver convention?

[walt1944-2009]

"Bagdad John McBush" McCain has discovered that people in the USSA are hurting and are NOT HAPPY with the "Ferengi" economy of the neocon Fascist Nazis.

He has developed an economic plan in an attempt to make life "better" for the average citizen, the main points of which are:

1. Give everyone a $25 tax credit when they sell their car and purchase a bicycle. The credit goes up to $50 if they buy a horse and wagon!
2. Retrain all those who have lost their jobs into a profession in step with the McCain economy, such as blacksmithing, oil well rigging, and cleaning up after a nuclear power plant disaster!
3. Continue to encourage "FREE TRADE" agreements with foreign dictators thus converting the economy of the USSA from a manufacturing one to a rural, farming one, while the former 3rd world leads a better life elsewhere.
4. Continue the Bush tax cuts for the wealthy and big business, giving them a reason to stay here and lead "the good life"!
5. Force everyone to go on a diet so they will eat less and become physically fit for the military.

SIG HEIL, BUSH!!!!
sig heil, DEFINITELY MORE OF THE SAME, McCain!!!!

[DCropp]

McCain isn''t listening to us. Today, he said the economy is slow.

Why can''t the Republicans admit we''re in a recession?
McCain repeating the exact same words as Bush was another nail in his coffin.

Senator McCain needs to get out on the street and talk to real people.

It must be tough for McCain to understand us. Owning 8 houses and having servants run those houses have apparently made him forget what it means to work two jobs just to feed your family.

[rgrxx175]

giving tax cuts to the rich is not going to fix the economy!!

[dnsallday]

John McCain''''s internment in Vietnam proves he is patriotic.
posted by chrisl45
*****************************************************
Sounds like you listen to too much talk radio (and then believe what you hear).

What the heck does that have to do with anything? This election, for you, is a contest on who can somehow prove they are more patriotic?
So you are supporting the guy (McCain), who consistently votes agains benefits for the Veterans, including (most recently) education benefits.

I have this lousy feeling that you may be one of the folks who sports a ''made in china'' plastic yellow ribbon on their SUV.
Unable to see the forest for all the trees.

[chrisl45]

John McCain will make our country strong! I stand behind him 100%. Nothing anyone says or does will get me to change my mind. I have looked at his opponents and found them unappealing.

[frootloop47]

McCain getting shot down and becoming a POW was his own fault.
His mission was cancelled and he was told to return.
However, he was such a Cowboy and Stubborn (sound familiar?) he refused to return and got shot down.
That was the third airplane trashed. He crashed two planes prior.

[frootloop47]

McCain, the early years:

1954: Can''''t get into Naval Academy. Daddy gets him in.
1958: Graduates in the lower 10% of his class.
1960: Graduated flight school where he earned a reputation as a "party man".
Stationed abroad the USS Intrepid and USS Enterprise where he crashed twice and once collided with power lines.
1965: Marries Carol Shepp, who he will eventually cheat on and leave when she is badly scarred in an automobile accident.
1967: Assigned to the USS Forrestal where he cause an accident killing 134 sailors.
1967: Out of cowboyish stubborness, disobeyed orders resulting in him getting shot down, beaten, and sent to a POW camp
1968: VC realize he is the son of the Commander US Forces in VietNam and provide "preferential treatment
1969-1972: Makes propaganda films for NVC.
1969: His wife suffers crippling/disfiguring accident. She does not tell McCain because she does not want him to worry.
1973: Released from POW camp.
1979: McCain meet Cindy Lou Hensley. McCain starts an affair with Ms Cindy Hensley. McCain leaves with wife.
1980: McCain divorces his wife of fifteen years.
1980: McCain marries Cindy Hensley.
Nuff said about leadership and character.

Vote OBAMA ''''08!!

[frootloop47]

McShame flip flop:
Fighting Job Losses in Michigan. During the run-up to the Michigan primary, John McCain cautioned workers there in January that he didn%u2019t want to raise %u201Cfalse hopes that somehow we can bring back lost jobs,%u201D adding that it%u201D wasn%u2019t government%u2019s job to protect buggy factories and haberdashers when cars replaced carriages and men stopped wearing hats.%u201D But after getting trounced in Michigan by Mitt Romney and watching the economy deteriorate further, McCain has had a change of heart. As Bloomberg noted on June 5:
Nowadays, the party%u2019s presumptive nominee is singing a different tune, striking a populist pose and saying %u201Cnew jobs are coming%u201D%u2026 %u2026Over the past few months, however, McCain has taken a lesson from Romney, acknowledging recently that %u201CAmericans are hurting.%u201D Returning to Michigan last month, the Arizona senator told a local television station that he would fight for new jobs and the state wouldn%u2019t %u201Cbe left behind.%u201D
Perhaps the good people of Michigan, as John McCain suggested to a Kentucky audience in April, can make a living on eBay.

[chrisl45]

John McCain begged to fly the mission that shot him down. He wanted to fight the enemy. A Russian surface to air missile was launched and hit him. He ejected. His knee hit the controls on the way out and broke his leg. The parachute broke his two arms. He was bayonetted twice when he landed. All soldiers know that no matter what they do they can be captured.

[chrisl45]

The tragic accident on the USS Forrestal was caused by some one else''s jet accidentally launching a missile. John was on the receiving end.

[chrisl45]

John McCain followed in the tradition of his father and grand father in being a socialable fighter at the US Naval Academy. Both his father and grandfather became admirals, and John would have become one if he did not begin working closely with the US congress.

[chrisl45]

In my pocket, I write the exact words that the Vietnamese wrote and forced John McCain to read: "I am a black criminal, and I have performed the deeds of an air pirate. I almost died and the Vietnamese people saved my life. The doctors gave me an operation that I did not deserve." It is his war crimes confession. He was forced to sign it after 4 days of torture. The tortore occured every hour with the guards trying not to leave marks. At the end of the 4th day John, half-heartedly, tried to commit suicide twice. John relented and signed their statement. Later, statements he refused to sign. The POWs communicated by tapping on the walls. It led to punishment, but kept the POWs going.

[chrisl45]

The only documented preferential treatment that John McCain received was the following. When he was routinely hung by the ropes, a small piece of cloth was put between his skin and the ropes. John cannot easily raise his arms over his head today. Initially, the Vietnamese thought that he was going to die. John convinced them to put him with other US captives. That saved him!

[antoniof123]

Are the new Republicans taking lessons in dumb or stupid. I just don''t get it they see others leaving the party, they even see young evangelicals leaving the Republican party to go to the Democrats and yet they stay the course.

That can only mean they are born stupid.

[chrisl45]

On the first day, when John''s father, a captain, brought John to the Academy, a fellow student threw his cloths on the ground. At the academy, John got into trouble because in describing the next game day he was off by a day or two. Someone didn''t like his house-keeping so they trashed it.

[whitemale08]

How dare you Republicans say that the economy will fall apart if Obama is elected.

Hello...Hello...Anybody home?

I got news for you: The ECONOMY HAS ALREADY FALLEN APART!!!

How can you guys be so dumb to say something so stupid like that?

This economy needs Obama to come in a fix it.

McCain would only prolong the malaise.

[chrisl45]

At the academy, his problem was some officier named Witt. He made John run around a building in the rain with a rifle over his head. Other students called him in, out of the rain, and allowed him the first dance.

[omega39-2009]

he would help the economy by cutting taxes, encouraging free trade, building nuclear power plants and launching other initiatives.

Wow, he summed up the last 8 years in a couple of sentences. Those other initiatives must be a war footing economy and subsidies for oil companies.

[chrisl45]

The Democrats were wrong about Iraq. Their irresponsibility probably led to the death of American soldiers. I say this because they lost sight of what is right and wrong. Their country was going against them so became dipressed which led to their making mistakes etc.

[mcvet]

The Democrats were wrong about Iraq. Their irresponsibility probably led to the death of American soldiers. I say this because they lost sight of what is right and wrong. Their country was going against them so became dipressed which led to their making mistakes etc.

Posted by ChrisL45 at 03:04 PM : Jul 07, 2008
+ report abuse

YOU have got to lay off that Kool Aid Boy! That stuff will Kill you! Haven''t you heard??? Didn''t the message get to your Nazi youth group?? Bush LEFT the real enemy on the Battlefield and invaded Iraq BECAUSE he thought we MIGHT have to fight Saddam sometime in the Future. While he was losing his behind in that nation, the turn around came ONLY after American''s left no choice but to clean it up and get out, while the REAL enemy in a safe haven HE created, has completely rebuilt. EITHER you are the most UN-INFORMED Bootlicker EVER OR you will do or say anything to keep the Party in Power! Now stand... let''s show AMERICA you support those who took out Balanced Budget to a Record Debt... sing it out!! SIEG HEIL BUSH! Dumb as a box of rocks folks!! ROFLMAO

[mcvet]

Posted by ChrisL45 at 02:55 PM :

John McCain''s got the SAME tired old economic plan the Fascist trot out every election. How many times have we heard this garbage in the last 3 decades. DO you know HOW many times they have actually BALANCED a Budget? ZERO.. NONE, NOT once! Now second question. Who took a Balanced Budget AND a Surplus and BORROWED until it was ALL gone... Borrowed until we have a 9.5 TRILLION Dollar Debt? Do you know how much that will cost us just in INTEREST?? I mean Come on!! It''s okay to buy the same LIE once, maybe TWICE, but even the dumbest amoung us CAN''T buy it for the 20th time... give me a break here!! SIEG HEIL BUSH!! People my Dog is smarter than this!!

[chrisl45]

The first human who landed on the moon crashed two of his preparatory test vehicles for Nasa. Because of this, how can you disrespect John McCain. Flying is dangerous. Do you know how many people died in the early half of the 20th century because of it, a lot believe you me.

[jesterbelle]

Don''t even have to read the article.Make the rich richer at the expense of the poor.That''s his plan.Give me a call when you''re all ready to rid ourselves of these ***,and put them all six foot under where they belong.

[kissamaarse]

McCain and economic recovery? That is an oxymoron. McCain would continue Bush''s course of disaster for America, cutting taxes for the corporation and the rich, coddling corporations even when they leave American shores, and protecting the rich and powerful. It may not be the Republican way, but it IS the Republican politicians'' way.

[chrisl45]

Osama Bin Laden has a similarly spelled name to Barack Obama. How could any honest American walk around with a similar sounding name. It''s like someone walking around with an Adolph Hitler mustach. The mustach would make me think this guys a Nazi. How could Obama (Mr. Bomb America) also wear Muslim cloth, and attend an anti-white church. Not only that, but Obama''s initials are "BO" which stands for body odor. Obama initials are saying stay away from me, or I''ll get to you and hurt you. Obama has changed his important policies. He has lied!

[eskieville1]

I think it is time for a serious discussion about our almost 10 trillion dollar debt!! How can McCain cut taxes and build more nuclear reactors,rebuild our infrastructure, rebuild our army and marine corps, fight two wars,reform health care and Social security, and pay the debt? Oh - I almost forgot- also develope an energy policy without ending oil subsidies.

[kissamaarse]

ChrisL45:
You seem totally in love with your own words or hopelessly afraid of your own shadow given your insistent ritual defamation and playground rhetoric devoid of any facts or truth. So what is it, narcissism or fear? Or just hatred of anything you will not take the time to understand, or of anyone with skin color different than yours?

[shingles1]

McCain''s economic plan:

clap loudly and dream of magic ponies.

(it also helps to have the stenographers over at the Associated Press on your side)

[mcvet]

McCorpse:

"I''''m going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated."

Posted by dragonwagon5 at 03:28 PM : Jul 07, 2008
+ report abuse

Yeah but he changed that to he''s now an EXPERT on the Economy!! ROFLMAO What a JOKE!! VOTE Democratic folks.. OBAMA 08

[jack3213]

Posted by shingles1 :"clap loudly and dream of magic ponies" No, my friend, that is Obama''s plan- He wants you to believe the sky will open & all your fears and worries will disappear just like Clinton said once about him. Funny, how she now supports this person ..who lives in a fantasy world. What a bunch of hypocrtits who don''t know reality from illusion. You can''t have Change without sacrafice- what are you willing to sacrafice? Obama wants your soul. Don''t you get it?

[bigsk8fan]

let''s see, george w bush is instituting his second ''economic stimulus'' package in as many years. and mcclone wants another dubya-like economic stimulus package. please.

american needs obama.

we just can''t take another of republican economics of causing a recession every 4 years.

[chrisl45]

There have always been economic down turns. We''re seeing another today. John McCain knows exactly what has to be done when to make America beautiful. There is no learning curve with John. He knows who to speak to and what policies will work. Barack Obama on the other hand has to learn, and change his policies centerwards inbetween left and right.

[chrisl45]

How did Obama get where he is today. He looks like he turned kids onto dope in highschool and probably ruined some of their lives. His wife helped him get good grades at Harvard. Then when he ran for elected office he had black people removed from running against him because of stipulations such as not having enough registered supporters on a required petition etc.

[chrisl45]

The only thing in Obama''s favor is his color. Does America want to give-up its safety and security to be able to say "we have our first black president". John McCain will protect us from the terrorists and bring our country to prosperity, Obama (Mr. Bomb America) cannot.

[chrisl45]

If Obama becomes president soon we''ll be saying who will become the first teen president.

[jimfinster]

"Make it easier for small businesses to hire and grow and that''s critical because small business is the one place in the economy that is still adding jobs," said Fiorina, a former Hewlett-Packard CEO. "Small business is the engine of growth in this economy."

This is the same Carly Fiorina that drove HP into the ground and was ultimately fired for poor performance. Using her as an adviser is really questionable...

[jimfinster]

ChrisL45:

This article was about McCain. Why not tell us all his good points?

Oh, I forgot. The neocons only have attack mode....

[rgrxx175]

NEWS BRAKE!
"Iraq raises idea of timetable for US withdrawal"
and mccain wants to stay in iraq for 100 years?