At a rally in York, Pennsylvania yesterday, Alaska Gov. Sarah Palin continued to declare that she and Sen. John McCain (R-AZ) would “balance the federal budget by the end of our first term.” “Now a promise like that, you can trust that John McCain and I will keep our promises,” added Palin.
But McCain’s top economic adviser, Douglas Holtz-Eakin, doesn’t believe Palin and McCain will be able to keep her balanced budget promise. In an interview with Neil Cavuto on Thursday, Holtz-Eakin admitted that McCain was “not going to be able to do it”:
CAVUTO: You’re not going to be able to do it.
HOLTZ-EAKIN: I couldn’t agree with you more.
CAVUTO: All right. Then how do you do it?
HOLTZ-EAKIN: Let me finish. I did you know we put out a plan and this is how we’ll do it. Then the world exploded. No doubt about it. We’re now looking at a trillion dollars for the federal deficit.
Holtz-Eakin’s acknowledgment of the budget reality shouldn’t be news to Palin. Earlier this month, he said that the financial crisis had “completely thrown a wrench” into their plans and that any attempt to balance the budget is “going to be harder, take longer.”