WASHINGTON — Lower taxes, less spending and more trade are among the key points of the economic plan unveiled today by Sen. John McCain.
He reiterated his plan to extend the Bush tax cuts but said he would pay for them in part by freezing all non-discretionary spending and reforming some of the entitlement programs such as Medicare and Social Security. During a speech in Denver, he promised to balance the federal budget by 2013 and said that would occur as a result of the spending restraints and the economic growth caused by the tax cuts.
McCain also called for more foreign trade and liberalized trade agreements. He has conceded that foreign trade has hurt some workers but ultimately maintained that it is a net plus, especially if the government retrains those workers.
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He and his aides have taken aim at Sen. Barack Obama's support for higher taxes on some high-income Americans, noting that any tax increase during an economic slowdown will only delay the recovery.
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