McCain Pledges to Balance Budget in First Term
GOP Candidate Promises to Cut Taxes, Slow Government Spending
The Obama campaign, which will also concentrate on the economy this week starting with an event Monday in Charlotte, N.C., was silent this morning on McCain's proposal. But Jason Furman, Obama's economic policy director, told Politico that McCain's promise to balance the budget in four years was "preposterous."
Small Business, Lower Corporate Taxes
McCain's economic formula places the emphasis on making it easier for small businesses to expand. It also includes lower corporate taxes, opening more markets to American products and what he calls the Lexington Project -- jobs focused on new energy technologies.
The McCain campaign produced a letter today signed by 300 economists endorsing his plan.
But Stuart Rothenberg, who runs the Rothenberg Political Report, told "Good Morning America" Monday that the McCain plan remains a tough sell.
"He has fallen into more of a typical generic Republican message, and that's not a good place to be with a bad economy and an unpopular president," Rothenberg said.
Obama has attacked McCain's economic proposals.
In Zanesville, Ohio, Obama recently ripped into the proposals by claiming "John McCain wants to provide $300 billion in more tax breaks to corporations and wealthy CEOs."
The Obama camp has also put together a Web video of McCain downplaying his own economic expertise, with quotes like "I can't come down and give you a specific solution because I don't claim to be smart enough," and "I am not an expert on Wall Street. I am not an expert on some of this stuff. I don't have that kind of expertise."
ABC's Sunlen Miller and Ron Claiborne contributed to this report
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