McCain Noncommittal on Bush Stimulus Plan

From CBS News' Dante Higgins:

MYRTLE BEACH, S.C. -- On the day before the South Carolina primary, John McCain talked about the economy and was noncommittal when asked if he'd support President Bush's economic stimulus plan.

He said the economy doesn't look good adding, "I am astonished but not too astonished because we let spending get out of control." McCain said that he did not think the U.S. was necessarily headed toward a recession but pointed out, "Nothing in this world is inevitable... We have to stop the out of control spending!"

"We need to cut the corporate tax rate from 35 to 25 percent," he said.

McCain called for permanent tax cuts but insisted cuts in spending at the same time is the only way those tax cuts could make a difference long term.

"When you cut taxes and you don't cut spending we have great difficulties we all know that. That's why the economy is where it is today. Out of control spending and so I think it's always helpful to cut taxes but if you don't cut spending you're going to face enormous fiscal problems. No family, no business, no country over time can spend more than it takes in without paying a penalty for it."

McCain mentioned President Bush's economic stimulus package saying, "People talk about a stimulus package. Fine if that's what you want to do, though I'd like to see details first."

McCain said he'd like to work with Congress the same way the President is, but did not say he was fully on board with the proposal.

"I have to see it. I can't tell you I'd vote for or against something that I haven't seen."