McCain's Credit Card Budget
Posted by Mike Gehrke on July 8, 2008 at 10:18 AM
The reviews are in...
Experts agree that McCain's budget balancing rhetoric is just wishful thinking:
The package of spending and tax cuts proposed by Senator John McCain is unlikely to achieve his goal of balancing the federal budget by 2013, economists and fiscal experts said Monday.“It would be very difficult to achieve in the best of circumstances, and even more difficult under the policies that Senator McCain has proposed,” said Robert L. Bixby, executive director of the Concord Coalition, a nonpartisan budget watchdog group.
McCain’s taxing proposals would only 'dig the hole deeper'
McCain also proposes a one-year freeze on the growth of non-defense government programs, which might cut the deficit by all of 2% to 3%. On defense, he says he would steer any peace dividend from concluding the wars in Iraq or Afghanistan to deficit reduction. That amounts to a kind of imaginary lockbox for hypothetical savings. [...] By endorsing a continuation of the Bush tax cuts and adding others, McCain digs the hole deeper. Obama would roll back the Bush tax cuts for high-income earners, but he'd spend the revenue on new programs for health coverage, alternative fuels and more.
Maybe he should get his story straight.
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