On latimes.com today, it was reported that Sen. John McCain proposed his solution to boost the struggling economy, starting with a suspension of the federal gasoline tax, through the summer, to compensate for spiking gas prices.
McCain’s speech at Carnegie Mellon University in Pittsburgh was his most extensive plan to date, explaining his idea to help the economy.
The economy has been labeled as priority one for voters. McCain previously said that the economy was not his forte, a comment his opponents have harped on for some time.
His economic plan drew mixed reviews from economists as some supported the proposed tax-cuts and his plan to streamline the tax system, and others opposed McCain’s ideas, referring to them as gimmicks.
McCain said he wants to restore the Republican Party’s name as the party that shows, “spending restraint.” He went on to say that both Democratic candidates did not posses restraint in spending.
The proposed plan would effectively cut $195-billion-a-year in incoming taxes to the federal government, but would be completely offset by cuts in spending McCain’s advisors said.
“Top-to-bottom review,” McCain said in regards to economic workings in Washington. He said he would veto any bill that is earmarked with money for pet projects, going on to single out Sen. Hillary Clinton for a $1 million “all-important Woodstock museum.”
“That kind of careless spending of tax dollars is not change, my friends. It is business as usual in Washington, and it’s all a part of the same wasteful and corrupting system that we need to end,” McCain said.
Sen. Barack Obama and Clinton both scorned the proposed plan as for the wealthy and that it is a copy of Pres. Bush’s tax-cuts for big corporations.
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