Even With Costly Wall Street Bailout, McCain Still Claims He Will Balance The Budget By 2013
Even With Costly Wall Street Bailout, McCain Still Claims He Will Balance The Budget By 2013
Last night during an interview with John Harwood on CNBC, Sen. John McCain (R-AZ) pledged to stick to his massive tax cuts plan and vow to balance the budget despite the proposed $700 billion federal government bailout of the nation’s largest financial institutions:
HARWOOD: Would you concede, then, that you could not achieve your goal of balancing the budget in your first term with this huge bailout added?
MCCAIN: I believe we can still balance the budget.
Watch it:
The reality is that even without the government bailout, McCain wouldn’t be able to balance the budget; throw in the Wall Street bailout, and McCain is no where near the mark, not even close.
McCain has proposed doubling Bush’s tax cuts for corporations and the wealthy, an act that alone would create a budget deficit of over $500 billion in 2009. To get to a balanced budget by 2013, McCain claims he will eliminate earmarks and cut discretionary spending. Yet doing away with earmarks will do little to balance the budget and McCain hasn’t said what other spending he will cut.
During what has been called the worst financial crisis America has seen since the Great Depression, McCain and his advisers seem happy to mislead the public about the facts of his economic plan. Perhaps McCain is wedded more to his unrealistic tax plan than to the realities of the American economy.
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“Even With Costly Wall Street Bailout, McCain Still Claims He Will Balance The Budget By 2013″
I think he should promise everyone a pony, too.
September 22nd, 2008 at 2:37 pmThis ignorant a$$wipe has never even balanced a checkbook in his life. Balance a budget indeed!
September 22nd, 2008 at 2:40 pmKucinich is calling this the “Cash for Trash” program. Thank god we’re not going to follow any of those socialistic tendencies.
Naomi Klein tells Bill Maher that creating disasters is very profitable for the elite
September 22nd, 2008 at 2:40 pmMcSame doesn’t know how many houses he got from marrying his trophy wife. How is he going to balance the budget. There seems to be something very wrong with the old man. He is either losing his mental capacity or he is dumber than dirt or he is just dishonest.
September 22nd, 2008 at 2:41 pmThe Feds will do what Wall Street did, use off balance sheet items. McCon will make the bailout off budget, just like the Iraq war has been.
September 22nd, 2008 at 2:42 pmEven With Costly Wall Street Bailout, McCain Still Claims He Will Balance The Budget By 2013
– - Well of course he will, since he’s going to dismantle every function of the federal government.
September 22nd, 2008 at 2:43 pmAt least some of the media is starting to call McCain on all his BS. It’s sort of funny how he reacts when the formerly compliant media actually begins questioning him… the veins literally start popping out on his forehead.
September 22nd, 2008 at 2:43 pmHe’s also going to catch Bin Laden, achieve total victory in Iraq, eliminate our dependence on fossil fuels while opening up ANWAR and offshore drilling, and put a chicken in every pot.
Let’s face it, his time as a POW contributed tremendously to his transformation onto Superman.
September 22nd, 2008 at 2:44 pmMaybe he can do that from Arizona, where he should be retired in January, 2009.
Joining the New York Post (which went for McCain) as an early endorser, the Seattle daily declares, “Obama should be the next president of the United States because he is the most qualified change agent. Obama is a little young, but also brilliant. If he sometimes seems brainy and professorial, that’s OK.”
September 22nd, 2008 at 2:45 pminto Superman that is.
September 22nd, 2008 at 2:45 pmWhen the bailout is up to $2 trillion, McStain will still say he will balance the budget.
Pledge of balance from the truly unbalanced.
Please, someone put this man in a nursing home. Better yet, throw his ass in a VA hospital somewhere so he can see how the “support the troops” magnets aren’t working.
PEACE
September 22nd, 2008 at 2:48 pmWhat is this, Name That Tune??
Johnny: I can balance the budget in …. Mmmmm …. four years.
September 22nd, 2008 at 2:48 pm“MCCAIN: I believe we can still balance the budget.”
lol With what? Pixie dust? Unless the budget can be balanced with Cindy’s purse and assets, then I may listen. Otherwise, Grandpappy McSame needs more nap time.
September 22nd, 2008 at 2:48 pmWhats next out of McLooneyTunes…does he have a pill to turn water into gasoline?
September 22nd, 2008 at 2:48 pm.
Well, we know that Cindy and John will balance their budget, but…
.
September 22nd, 2008 at 2:49 pm“If he sometimes seems brainy and professorial”….
September 22nd, 2008 at 2:49 pmGotta love how the MSM makes that a bad thing. We’ve seen where a stupid smart-a** has gotten us, and McCain is cut from the same cloth. When did intelligence become a character flaw?
Did you all see that guy lie through his yellowing teeth yesterday on 60 minutes that the longest he has lived in one place was Hanoi — another POW story interjected into his reply.
Where has he lived for 26 years at Rep. and Sen. from Arizona?
Also, check out this anchorage newspaper article on Palin, and Franklin Graham (remember he’s the son who has condemned the Muslim religion) and christian fundamentalism and the “chosen by god” belief.
http://www.adn.com/opinion/story/531723.html
September 22nd, 2008 at 2:51 pmSection 8 of this legislation is just a single sentence, but it represents a significant consolidation of power and an abdication of oversight authority that’s so flat-out astounding that it ought to set one’s hair on fire.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
In short, the so-called “mother of all bailouts,” which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People’s duly sworn representatives. All decision-making power will be consolidated into the Executive Branch – who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.
The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc. He plans to retain Wall Street firms as advisors to decide just how to cut deals to value and mop up Wall Street’s dubious paper. There are to be no limits on executive compensation for the firms that get relief, and no equity share for the government in exchange for this massive infusion of capital. Both Obama and McCain have opposed the provision denying any judicial review of decisions made by Paulson — a provision that evokes the Bush administration’s suspension of normal constitutional safeguards in its conduct of foreign policy and national security.
The differences between this proposed bailout and the three closest historical equivalents are immense. When the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder, and often appointed board members. The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners. And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the S&L collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review.
snipped from Huffpo.
September 22nd, 2008 at 3:00 pmThe McCain campaign has officially descended into a “throw a;; the s**t against the wall, something has to stick”.
September 22nd, 2008 at 3:00 pmWhen the government doesn’t exist anymore and the nation is bankrupt and at war with Russia and Iran then you could say that the budget is balanced, since there won’t be a budget anymore…
…makes sense to me….
…if McGonnaDieSoon and Moosejaw steal the election we are all finished.
September 22nd, 2008 at 3:03 pmYou know, all of the right side blogs are saying the current financial crisis was started by the Dems! They refuse to acknowledge that Mcsame has had his hands in all the financial failures of the last 15-20 years.
Even that idiot Bush was sold as an MBA president – although failing everything he has put his hands on.
Just how delusional – or unethical – is the right side to think these things? Are we really that fu(king stoopid?
September 22nd, 2008 at 3:04 pmYeah, but they’ve been in that condition, unofficially, for months now.
September 22nd, 2008 at 3:04 pmMCCAIN: I believe we can still balance the budget.
CINDY: I’M NOT THAT RICH JOHN.
September 22nd, 2008 at 3:09 pmJohn McCain knows where the end of the rainbow is, and he’s going to use that gigantic pot of gold to balance the budget!
Yeah, that makes just about as much sense as the rest of the crap he’s been saying…
September 22nd, 2008 at 3:11 pmWhy are people still asking this man and the “dudes” wife any more questions. It is obvious they are on a mission. No matter what the question would be, if it takes them two or more tries, it doesn’t matter – they’ll say anything to win.
Damn the TRUTH!
September 22nd, 2008 at 3:11 pmMcCain has proposed doubling Bush’s tax cuts for corporations and the wealthy, an act that alone would create a budget deficit of over $500 billion in 2009. To get to a balanced budget by 2013, McCain claims he will eliminate earmarks and cutting discretionary spending. Yet doing away with earmarks will do little to balance the budget and McCain hasn’t said what other spending he will cut.
_____________________________________________________________
McCain’s plan to balance the budget sounds like a fat guy who plans to lose weight by doubling his food intake and eliminating all exercise, BUT he plans to consume a Diet Coke every day.
Call me skeptical…
September 22nd, 2008 at 3:12 pmBut might this explain his pledge of citizenship for illegal Irelanders?
September 22nd, 2008 at 3:13 pmjust cause you believe that the tooth fairy is real, doesnt make it so.
September 22nd, 2008 at 3:14 pmEurope John McCain, EUROPE!
September 22nd, 2008 at 3:15 pmMcCain: “My, my, my What?”
John McCain – “Old People Call Him Old!”
September 22nd, 2008 at 3:17 pmWere his lips moving? Then he was lying! It’ll be 20-40 years before a budget is ever-balanced. I’ll be long dead and my grandchildren will be being crushed under the burden of neo-Conservative corruption and mendacity.
September 22nd, 2008 at 3:17 pmBut doesn’t anyone realize that he spent 5 1/2 years thinking about how to apply everything he learned about economics at Annapolis and how to someday balance the country’s budget?
September 22nd, 2008 at 3:20 pm“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
Sam Stein quotes the above from Paulson’s economic solution. Unbelievable.
http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html
September 22nd, 2008 at 3:21 pmStratRat Says:
You know, all of the right side blogs are saying the current financial crisis was started by the Dems! They refuse to acknowledge that Mcsame has had his hands in all the financial failures of the last 15-20 years.
Yes, I’ve been hearing this lately as well. In order to be a Republican, you must have a very short memory. In truth, this entire disaster was caused by the Gramm-Leach-Bliley Act, otherwise known as the 1999 Financial Services Modernization bill, sponsored by McCain economic advisor, Phil Gramm.
http://www.govtrack.us/congress/bill.xpd?bill=s106-900
It passed the Senate by a vote of 54-44, with every Republican voting AYE (except one who voted present, and one who did not vote). All but one Democrat voted NAY. The one Democrat who voted Aye was Ernest Hollings of South Carolina. John McCain, of course, voted AYE!
September 22nd, 2008 at 3:22 pmAnd if you believe that, I’ve got some investment banks I’d like to sell you.
September 22nd, 2008 at 3:25 pmIt passed the Senate by a vote of 54-44, with every Republican voting AYE (except one who voted present, and one who did not vote). All but one Democrat voted NAY. The one Democrat who voted Aye was Ernest Hollings of South Carolina. John McCain, of course, voted AYE!
September 22nd, 2008 at 3:22 pm
it was promoted and significantly abetted by Clenis’ TreasSec, Bundlin Bobby Rubin, long-time GOP Stalwart who, after the thing was “proudly” signed by Clenis, absconded to Citigroup to mke BGILLIONS from his handiwork…
September 22nd, 2008 at 3:28 pmWith all of this on hand,McCain ,not only he promised a balanced budget, but he also still insist that he can give tax breaks too.
PROMISES, PROMISES..PROMISES.. !!!
September 22nd, 2008 at 3:29 pmAs I remember it the USA has around 1/4 billion people. Therefore 1 trillion dollars adds a debt average of $ 4,000 each.
Simple 4th grade math. Not even Econ 101.
And doesn’t add in the cost of Georgie’s war and McCain’s idea of Bombing Iran.
September 22nd, 2008 at 3:31 pmAccording to the U.S. Bureau of the Census, the resident population of the United States, projected to 09/22/08 at 19:34 GMT (EST+5) is 305,226,626.
September 22nd, 2008 at 3:35 pmLink: http://www.census.gov/population/www/popclockus.html
September 22nd, 2008 at 3:37 pmLets hope McCain will share that stuff he’s been smoking.
September 22nd, 2008 at 3:42 pmIt’s gotta be pretty potent stupefying and delusional drug.
Remember that time he said he didn’t really understand the economy so well? Apparently that was extremely accurate.
September 22nd, 2008 at 3:47 pmHeres McCains plan to balance the budget and make up for his huge tax cuts:
First he will save billions from Victory against Islamic extremism in Iraq and Afghanistan! Then McCain will order a “comprehensive review” of all spending and modernize, streamline, consolidate and rereprioritize. And then he will kill all earmarks and make their authors known!
http://www.johnmccain.com/Issues/JobsforAmerica/reform.htm
September 22nd, 2008 at 3:48 pmPerhaps McCain is wedded more to his unrealistic tax plan than to the realities of the American economy.
No matter how they try to wrap it, shape it, twist it or spin it, John McCain and reality will never go together.
September 22nd, 2008 at 3:52 pmgalmud Says:
Heres McCains plan to balance the budget and make up for his huge tax cuts…
But, but, but… about half his suggested actions have not passed muster in the Supreme Court!
September 22nd, 2008 at 3:55 pmOh, he’s sharing it, all right. How do you think his campaign people can come up with the crap they fling against the wall?
You can’t come up with stuff like that unless you’re baked.
September 22nd, 2008 at 4:00 pmAn impossiable task to do unless you cut evry entitlement including the Pentagon budget to zero and we know that it ain`t going to happen because we will be in Iraq for a hundred years.
September 22nd, 2008 at 4:39 pmIn 2013 McPain will be dead or in a nursing home being fed thru a tube. For sure his budget will be balanced.
September 22nd, 2008 at 4:48 pmHe says, without proof, that he could find $100 billion “in the sofa cushions”. No military cuts, though.
September 22nd, 2008 at 7:37 pmI doubt there are enough sofas in all of Cindy’s houses with that much money.