McCain's Fuzzy Math on Balancing the Budget
John McCain, appearing on CNN's "American Morning" stated that despite what the numbers say, his Economic Plan that includes continuing Bush's tax cuts for the wealthy, would balance the budget.
CNN's John Roberts posed the question, "Senator, you can't get over the fact, though, that extending the Bush tax cuts, as you want to do, and adding in your tax cuts do take the deficit number from -- we actually go from a $70 billion surplus to a $445 billion deficit. So, it's those tax cuts."
McCain avoided directly answering the question and offered a classic Republican talking point: "It's Government Over Spending."
McCain failed to note the exorbitant costs of the Iraq war when discussing government overspending.
The United States spends approximately $275 million per day on the Iraq war and the total cost of the war is projected to to be around 3 trillion. [Cost of Iraq War Far Exceeds Early Estimates]
McCain has stated we may remain in Iraq "for a hundred years."
As Obama stated in a speech July 7th, in MO, "McCain's economic plan would give $1.2 billion in tax breaks to Exxon Mobil, with less than a quarter of the benefits going to the middle class.
McCain ``has no concrete plan to pay for these tax breaks, so his policies would actually add more than $2 or $3 trillion to the national debt over the next decade and weaken our economy even further."