July 28th, 2008
02:55 PM ET
6 years ago

Candidates slam Bush administration, each other

 Sen. Barack Obama holds an economic roundtable in Washington on Monday.
Sen. Barack Obama holds an economic roundtable in Washington on Monday.

(CNN) - Sens. Barack Obama and John McCain used news that the United States’ budget deficit will hit a record high as an opportunity to criticize each other’s fiscal plans.

The White House on Monday projected a $482 billion deficit for the 2009 budget year. President Bush inherited a budget surplus when he took office in 2001 but has since posted a budget deficit every year.

The Obama campaign said the White House announcement is “an urgent reminder that our fiscal policies must change.”

“These have been years of unprecedented fiscal irresponsibility. That's an important issue in this election because Senator McCain is proposing to continue the same Bush economic policies that put our economy on this dangerous path and that will drive America even deeper into debt,” Jason Furman, Obama’s economic policy director, said in a statement.

Furman said Obama will “restore balance and fairness to our economy by cutting wasteful spending, shutting corporate loopholes and tax havens, and rolling back the Bush tax cuts for the wealthiest Americans, while making health care affordable and putting a middle class tax cut in the pocket of 95% of workers and their families.”

McCain called the Bush administration’s announcement “another reminder of the dire fiscal condition of the federal government.”

“There is no more striking reminder of the need to reverse the profligate spending that has characterized this administration's fiscal policy,” he said in a statement.

McCain reiterated his commitment to balance the budget by the end of his first term and accused Obama of having an economic plan that “will not work.”

"Senator Obama will not commit to balancing our budget, does not propose to control spending, and has only one answer to every challenge: raise taxes … It is a plan that will not work for American workers,” he said.


Filed under: Candidate Barack Obama • John McCain
soundoff (105 Responses)
  1. Glad to be Independent

    Obama needs to incorporate in his economic plans a plan to balance the budget. The positive part of the Bill Clinton legacy was that when he left office, the U.S. federal government has a surplus. Obama can get some of his initiative thru but he should do it within spending limits. McCain's original proposal to balance the budget within 4 years was not doable. The spending cuts would have to be severe to balance the budget in 4 years. I am a Obama supporter. He could see the deal if he had a plan to balance the budget. Balancing the budget makes the U.S. dollar strong. It imporves the social security problem and other fiscal problems. My message to McCain and Obama push hard plans to balance the budget.

    July 28, 2008 07:02 pm at 7:02 pm |
  2. Mike

    There is very little McSurge can say about the deficit without falling flat on his face. The Deficit was caused by the war that McWar has said repeatedly that he supports and will 'stay the course' on.

    July 28, 2008 07:06 pm at 7:06 pm |
  3. David Newport, OR

    And in order to slow this deficit, McCain proposes to keep a war going and cut everything else...yep...that is some priorities.

    July 28, 2008 07:18 pm at 7:18 pm |
  4. Monica for Obama in Indiana

    mccain, is not going to remember one word he said. Tomorrow, he will be on to something else just like today never happened.

    July 28, 2008 07:23 pm at 7:23 pm |
  5. Chris, Silicon Valley, CA, USA

    Why do all the Obama supporters equate McCain with Bush?

    One could probably argue that Obama and Hillary are closer in policy.

    But, some Obama supporters vilified her and her supporters.

    Remember that? They certainly didn't equate Obama w/ HRC.

    * * *

    July 28, 2008 07:47 pm at 7:47 pm |
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