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.
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.