McCain Says He'll Support Bush Stimulus Plan

From CBS News' Dante Higgins:

DEERFIELD BEACH, FLA. -- John McCain today applauded Federal Reserve chairman Ben Bernanke for cutting interest rates and said he thinks more cuts may be necessary in the future. He also says he will support President Bush's economic stimulus plan.

But McCain is sticking to his theory that "nothing is inevitable," that we aren't necessarily headed into a recession. He says the underpinnings of our economy are still strong but acknowledges tough times at the moment. He says he will support President Bush's stimulus package even though it isn't his ideal. "We have come up with a package that may not be everything that I want but its part of the process and if we enact it very soon will be good for America. But if we lard it up with pork barrel projects I think it would be a terrible mistake," he said.

McCain says he is not opposed to handing cash to people as this stimulus package would. "Do I think it's the best measure? No, but I think we all work on consensus and Democrats and Republicans working together so I wouldn't object to it."

McCain still insists that major cuts in spending would greatly improve our economy in the long term. He cited billions of dollars in approved "pork barrel" projects, "$35 billion in pork barrel projects that we spent on things like the 'bridge to nowhere' in Alaska, when we should have, we could have given $1,000 tax credit for every child in America."