Barack Obama criticized John McCains $300-billion proposal to help stabilize the economy and ease the credit crunch by having the federal government buy bad loans and renegotiate for struggling homeowners. The issue has particular resonance in Florida, a state that trails only Nevada in home foreclosures.
It would be paid for by...the American taxpayer, Obama said. That might sound like a good idea to the former bank lobbyists who are working on Sen. McCains campaign. But thats not the change America needs.
Soon after, the Democrat used McCains words to turn back his criticism of Obamas tax plan. [McCain] has said his rival would cripple the economy with a massive tax hike; Obama said his plan would cut taxes for 95% of working families, raising them only for the richest Americans.
Its true that I want to roll back the Bush tax cuts, Obama said. John McCain calls that socialism. What he forgets, conveniently, is that just a few years ago, he himself said those Bush tax cuts were irresponsible. He said he couldnt in good conscience support a tax [cut] where the benefits went to the wealthy at the expense of middle-class Americans who most need tax relief. Thats his quote. Well, he was right then, and I am right now.
McCain voted against Bushs tax cuts in 2001 and 2003 but supported their renewal in 2006, saying business and investors needed a stable and predictable tax policy to sustain economic growth.
McCain is fighting Obamas momentum in Missouri
Los Angeles Times, October 21, 2008
John McCain barnstormed in Missouri today, hammering his opponent on taxes, healthcare and foreign policy in hopes of rebuilding the coalition of rural conservatives, evangelicals and others who helped deliver the state twice to President Bush.
Missouri is the ultimate presidential bellwether: It has voted with the winning party all but once in the last century.
This year, Missouri is suffering its worst unemployment in 17 years, and voters harbor a deep suspicion of the $700-billion bailout of financial institutions.
Obamas campaign also appears to be swamping McCains effort in the state. A Democratic registration drive has added about 250,000 new voters in St. Louis and Kansas City.
Both sides are fighting for the densely populated suburbs of St. Louis and Kansas City that will decide the state.