[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/16/art.mccainam.cnn.jpg caption="McCain appeared on CNN's American Morning Tuesday."](CNN) - Republican presidential candidate Sen. John McCain continued to back away from his assertion that the "the fundamentals of our economy are strong" during a CNN interview Tuesday.
On Monday, after taking heat from Sen. Barack Obama's campaign for his earlier statement, McCain adjusted his language to say the American worker was the strength of the economy.
On Tuesday, McCain said the U.S. economy will rebound with the help of the American worker, which he called "the fundamental strength" of the U.S. economy.
The problems with the American economy are the result of rampant government spending and poor government checks on corporations, McCain said.
"I'll restrain spending. That's the reason our economy is in trouble today," McCain said.
McCain also said the U.S. is "the victim of greed, excess and corruption on Wall Street," and the senator said he foresaw the crises with Fannie Mae and Freddie Mac two years ago.
"The Fannie and Freddie thing was a very serious problem and we had to work on it," McCain recalled saying then.
The regulatory agencies charged with monitoring Wall Street, which he called outdated, have been "asleep at the switch the last few years." Those agencies should evolve to the global economy, he said.
"We have to fix this alphabet soup of regulatory agencies that's left over from the 1930s," he said.
Asked if Obama's economic plan did more for the middle class than his own, McCain flatly said no. He also said one of the greatest hindrances to the middle class is its inability to get "affordable and available" health care.