McCain Camp Pre-buts Obama Economic Speech

From CBS News' Dante Higgins:

The back-and-forth on the economy continues between John McCain and Barack Obama today as the McCain campaign went on the offensive before Obama delivered an address in New York City.

"No amount of rhetoric can hide Senator Obama's clear record of embracing the liberal tax and spend, big government policies that hit hardworking American families at a time when they're most vulnerable, and are certain to move America backward," McCain spokesperson Tucker Bounds said in a written statement released this morning.

While Hillary Clinton, Obama and McCain have laid out their plans for handling America's struggling economy. McCain made his pitch in Los Angeles yesterday arguing that it wasn't the government's role to bail banks and speculators out regarding the housing crisis.

Obama delivered a speech yesterday too and he went after McCain for a lack of specifics on the economy and accused McCain of a "sit back and watch" approach.

"Now I have to say John McCain has admitted that he doesn't understand the economy as well as he should, and yesterday he proved it in a speech he gave on the housing crisis," Obama said.

"According to John McCain he said the best thing for us to address the fact that millions of Americans are losing their homes is to just sit back and watch it happen."

The McCain camp launched back after his speech, accusing Obama of using smear tactics.

"Senator Obama's blatant mischaracterizations aren't the new politics he's promised America, they're the old attack and smear tactics that Americans are tired of," McCain spokesman Bounds said in a written statement.

McCain is in Utah and Colorado for private fund-raisers today and is expected to hold a couple of press conferences.