McCain touts economic plan

Sen. John McCain (R-Ariz.) on Monday unveiled an economic plan that he says would grow the economy, create jobs and balance the budget by the end of his first term.

The GOP presidential candidate acknowledged that times are tough for Americans in the face of a slowing economy that has resulted in job losses in each of the past six months.

{mosads}“Americans are worried about the security of their current job, and they’re worried that they, their kids and their neighbors may not find good jobs and new opportunities in the future,” McCain said in a speech in Denver Monday morning. “To make matters worse, gas is over $4 a gallon and the price of oil has almost doubled in the last year. The cost of everything from energy to food is rising.”

McCain portrayed the election, in which the economy is the most important issue, as a contest between two ideologies.

“The choice in this election is stark and simple,” McCain said. “Sen. Obama will raise your taxes. I won’t.”

The Illinois Democrat, in his own economic speech, sharply contested McCain’s accusation and said only those making more than $250,000 per year would have to pay more.

“If Sen. McCain wants a debate about taxes in this campaign, that’s a debate I’m happy to have,” Obama said in Charlotte, N.C. He countered that the Arizona senator’s plan would be a continuation of President Bush’s economic policies.

“Sen. McCain said earlier this year that America has made ‘great progress economically’ over the past eight years,” Obama stated. “He believes we’re on the right track, and he’s launching a new economic tour today with policies that are very much the same as those we have seen from the Bush administration.”

The GOP standard-bearer, however, said his plan would get the economy back on track and balance the budget by promising to make the government “a catalyst for growth and good jobs.” He blamed Congress and the Bush administration for letting federal spending get out of hand.

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

McCain said he would freeze most federal spending and review all government programs to eliminate waste.