McCain Pledges Break With Bush On Economy

Republican Seeks To Prove He Is Different From President And From Obama

(AP)  Republican John McCain promised to pivot from President Bush's economic policies and impose strict controls on government spending that would spur investor confidence and the stock market's recovery.

"I will protect your savings and retirement accounts and get this stock market rising again," said McCain, after huddling with economic advisers and pledging a break with Bush administration policies.

Aides said that McCain's call for cuts in the capital gains tax and tax breaks for seniors who invest would help the market rebound, a nod to the top issue on voters' minds little more than a week out from Election Day.

"A stronger economy with greater investor confidence would help turn the stock market around," said Tucker Bounds, a McCain spokesman. "That would help drive up stock prices and the market recover."

In his closing argument of the marathon election, McCain tread a thin line between bashing Democratic rival Barack Obama and making clear that he would steer a different course than the current GOP administration.

"We both disagree with President Bush on economic policies," McCain said. "My approach is to get spending under control. The difference between us is he thinks taxes have been too low, and I think that spending has been too high."

His most dramatic claim was a pledge to turn around a plunging stock market. Most of the progress he promised would come from the economic stimulus sparked by big tax cuts he's pushing, McCain said.

"I will create millions of jobs through tax cuts that spur economic growth," McCain said. The capital gains tax cut he's proposing would encourage investors, Bounds said.

Before he spoke, McCain met with economic advisers including former rival Mitt Romney and former Housing Secretary Jack Kemp. The event was designed to focus his message on the economic meltdown that has dominated the campaign and left him on the defensive. The downturn has helped boost Obama to a lead in the polls, both nationally and in key battleground states like Ohio.

"The difference between myself and Sen. Obama is my plan will create jobs, it's a difference of millions of jobs in America," McCain said. "My approach will lead to rising stock market prices, a stabilized housing market, economic growth and millions of new jobs."

Obama campaign spokesman Bill Burton responded, "A day after John McCain said that he agreed with George Bush's economic philosophy, he continued to parrot the same failed policies that give billions to billionaires and big corporations while providing no relief at all to more than 100 million middle-class Americans."

McCain's meeting with economic advisers came as polls show him trailing Obama, with most Americans deeply worried about the direction of the economy. For weeks McCain has been seeking to distance himself from Bush and his economic policies and he made that break complete in the nation's industrial heartland. Obama has tried equally hard to tie McCain to Bush, repeatedly citing McCain's 90 percent support for Bush in Senate votes.

At a rally in Dayton, McCain continued to criticize Obama.

"That's what change means for the Obama administration, it means taking your money and giving it to someone else," said McCain. He ridiculed Obama's argument that his tax plan was based on fairness.

"There's nothing fair about driving our economy into the ground and we all suffer when that happens," said McCain. "We'll cut business taxes to help American jobs and keep American business in America."

McCain opposed another economic stimulus package and said he would instead seek to bring spending under control. He made clear the advisers he met with would be part of his administration and it would steer a far different course than Bush.

McCain described an economic stimulus plan under discussion in Congress as "another $300 billion spending spree they are calling a stimulus plan."

"I would rather give the great American middle class additional tax cuts and let you keep the money and invest it in your future," said McCain.

McCain repeated his proposals to cut taxes for those who hold stocks for at least a year, and end requirements that force people to take money out of retirement accounts during the market's downturn.

He also said he would toughen rules governing the financial markets.

"I will demand complete transparency into the accounts and activities at all banks and insurance companies so they cannot take on the kind of risk that brought down the financial system," said McCain. "We will have strict rules of conduct on Wall Street and if they are broken, executives will be severely punished."

While he voted for a $700 billion rescue package for the financial sector, McCain said "the government will get out of the banking business fast" if he's elected.

[kansas1946]

Watch out with Democratic majority, there will be a 3-headed monster, Obama-Pelosi-Reid, with big governmant-control, big well-fare system, big spending, more regulations, and higher taxes to pay for all the well-fare and government-spending. As a result, people will have less and less freedom. It is pure soicalist policy by the Democratic party, and Obama is the worst extreme liberal leftist in the history, even worse than Jimmy Carter.


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Posted by LDVUONG at 04:38 PM : Oct 28, 2008
*********************************

LMAO. I love all of these Republicans so concerned about our country if one party has control. I didn''t see any of these Republicans concerned about that when they elected Bush and THEY had control of both the house, the senate, and the Whitehouse.
The Democrats could not possibly screw things up as badly as the Republicans have done under Bush. Not possibly. So relax. It can only get better. After all, the ONLY way it is possible to go is UP.

[kansas1946]

Maybe he should have thought about "breaking" with Bush eight years ago. He has supported every Bush policy since then. In his own words he has voted with Bush over 90pct of the time, even more that some of his Republican collegues. So now he is "breaking" with Bush??? A day late and a lot of dollars short in my humble opinion.

[misha128-2009]

McCain says:

"The issue of economics is not something I''''ve understood as well as I should. I''''ve got Greenspan''''s book."

Posted by onemoretim at 06:29 AM

He should wait for the update where Greenspan renounces deregulation because Business does not operate in it''s own best interest from a recent congressional hearing.

[idahosilk]

Mccain should of fought back weeks ago with his current message. Fighting back now, because he is on the defensive, either says he was too arrogant to think he could lose, or just plain dumb.

''We''ve got them just were we want them''...yeah!

Oh well...2012!

[antoniof123]

John McCain and Sarah Palin have no chance left they are nothing but neo cons trying to repeat 4 mroe years of the same.

The only people voting for McCain/Palin are dumber than dirt and it jsut isn''t going to work anymore.

[Confidential416]

Did any of you hear mcsame yesterday in pennsylvania? when addressing nuclear energy and his exact words "blah, blah, blah, blah," unbelievable!
We don''''t have early voting in Pennsylvania... but I wish we did... there is nothing mccain and his imploding campaign can say or do at this point that would change my mind. It''''s funny... I started out believing I would vote for mcshame..... after he chose palin, I thought him reckless and got on the fence...when he started with the character attacks and fear mongering... I recognized mcsame....
Voting Obama... today, tomorrow and next Tuesday!

[albertw40]

People need to remember what it is John McCain intends to do. He intends to continue the Bush tax cuts for the rich. He intends to give huge tax cuts to the very corporations which caused this economic meltdown and which have moved units overseas. He intends to pass a health care plan which does away with employer-matched health care, taxes premiums, and puts government rebates in the pockets of health insurance companies while those companies still have the right to raise premiums, raise deductibles, deny coverage for so-called existing conditions, and cherry pick, insure only the healthy. I call that a donut hole health plan. Remember the donut hole. It put government money directly into the pockets of drug companies without requiring anything of them. Within a year, drug prices skyrocketed, the drug companies got government money, and we still paid the high prices. They called it a donut hole. John McCain has always believed in government which favors the rich while the Middle Class lost jobs. That has led us to where we are now. McCain uses all these accusations and this discussion about Obama because McCain wants you to forget what McCain wants to do--feed the rich and make the Middle Class jobless.

[albertw40]

People need to remember what it is John McCain intends to do. He intends to continue the Bush tax cuts for the rich. He intends to give huge tax cuts to the very corporations which caused this economic meltdown and which have moved units overseas. He intends to pass a health care plan which does away with employer-matched health care, taxes premiums, and puts government rebates in the pockets of health insurance companies while those companies still have the right to raise premiums, raise deductibles, deny coverage for so-called existing conditions, and cherry pick, insure only the healthy. I call that a donut hole health plan. Remember the donut hole. It put government money directly into the pockets of drug companies without requiring anything of them. Within a year, drug prices skyrocketed, the drug companies got government money, and we still paid the high prices. They called it a donut hole. John McCain has always believed in government which favors the rich while the Middle Class lost jobs. That has led us to where we are now. McCain uses all these accusations and this discussion about Obama because McCain wants you to forget what McCain wants to do--feed the rich and make the Middle Class jobless.

[thechooch1]

Just how is cutting taxes on those who are rich any different from the current failed policies?

McCain doesn''t have a plausible economic plan. It has been weeks since this crisis evolved, and where is his plan?

[ioweign]

Iraq, McCain''s 100 year "Earmark"...

[rjmcbs]

McCain wants us all to "Joe the Plumber".
No health care, no plumbing license,owing back taxes, have a lien on your house, suspended driver''s license,
no hope for the future for your divorced family, all you have to do is believe in a filthy rich guy who has done nothing for anyone but himself his whole life.

[grandesign]

OBAMA FOR PRESIDENT?
Posted by KristianInAL at 07:01 AM : Oct 28, 2008

"Use your brain, vote for McCain." I love Palin''s simpletons--their enthusiasm is wonderful. There many not be much else in their brain, but those five or six word slogans occupy any empty space.

[irmcvet97]

Raised by COMMUNISTS; Socialized with a DOMESTIC TERRORIST; Sat in a pew for over 20 years listening to a RASCIST.

OBAMA FOR PRESIDENT?

Posted by KristianInAL at 07:01 AM : Oct 28, 2008

Putting aside your LIES and Sparky they are, NO DOUBT about it, outright LIES, exactly why should any American vote for the SAME tired LIE we''ve heard now for decades? How many times do we hear a Candidate from the Republican''s say they will "Cut Taxes" for the Rich and that will "Trickle Down" to us before we figure out it DOES NOT WORK??

[grandesign]

"I will create millions of jobs through tax cuts that spur economic growth," McCain said. The capital gains tax cut he''s proposing would encourage investors"

Cutting capital gains tax in a bear market is a nonsensical idea. What you are saying is that, when you sell are stocks at a loss, you won''t have to pay as much in taxes--when you on pay taxes when you sell at a gain. I really don''t think McCain understands economics.

[sleepyric]

So Solly Johnny,,,too late to break with GW now. Anyhow, you pooped beside the nest when you picked "rogue regulator" Palin. The instant "real" America got to know her, was the instant that you lost the election. Dumb move. Bad gamble.

[floydzeppt]

McCain pledges to break the Economy using more Bush Policy

[Gary Kempf]

I will protect your savings and retirement accounts and get this stock market rising again," said McCain, after huddling with economic advisers and pledging a break with Bush administration policies.

John,you had eight years to stop Bush policies. You proudly proclaimed you voted with Bush 90%, more than some of your Republican colleagues.

You failed to serve and protect Working Class Americans from this mess. Your support and votes contributing to this collapse.

You repeatedly voted to give tax breaks to oil companies,and corporations outsourcing jobs. You have lobbyist on your staff NOW.

You are part of the Keating five that laid the ground work for Enron and the Wall Street and banking deregulation.

You are one of many in office now that has caused this economic failure, you can proudly proclaim that you have 26 years of corrupt service as a Senator!!!!!.

[adt13t]

mcclueless deregulator
mcmaverick impersonator
mcimage marketing
mcshameless kkkarl roving terror
trailer trash vote pandering
mcdoddering old hack

[airboatboy1]

I''m not voting for either candidate. Both are just your typical politicians, saying anything they think you want to hear. I do like reading these posts though. Reminds me of drunks arguing about religion. Hope everyone gets along after the elections.

[anya136]

McCain Palin have had no consistent message. They have concentrated on tearing down Obama and even there they havent been consistent: celebrity, terrorist, socialist, whats next? nazi?
And now they are fighting between themselves: Palin going rogue. What kind of leadership is this?
Also, no real leadership on racism and the Ashley Todd hoax and how some GOp officials tried to exploit it instead of thinking bigger than that.
McCain can keep saying he;s a fighter but most of all he''s fighting his own demons that have kept him from being a powerful leader - in this campaign.