McCain Proposes Over $500 Billion in New Tax Cuts and Spending

September 5 - Last night at the Republican National Convention, Senator John McCain proposed between $524 billion and $563 billion in annual spending increases and tax cuts, according to a new analysis by the Committee for a Responsible Federal Budget. Among those policies discussed included a corporate tax cut, major healthcare reforms, a doubling of the dependent tax exemption, unemployment reform, and the development of clean energy technology. Senator McCain also called for keeping taxes low and cutting them where possible. At the same time, McCain promised that he would cut government spending by getting rid of failed programs, reforming the way government works, vetoing pork barrel spending bills, and reducing the overall size of government. Maya MacGuineas, President of the Committee for a Responsible Federal Budget, responded to this claim, explaining that:

"Although the McCain campaign has discussed their tax cuts in considerable detail, they have been quite vague when it comes to spending reductions... It is hard to imagine that Senator McCain will be able to pass everything he has promised on the campaign trail and still balance the budget by 2013. We are in a deep fiscal hole, and we need a serious and credible plan to get us out of it."