has fought agains spending and special interests and challenges Obama to name ways he has stood up to Democratic party leaders on spending.
Obama says that he parted with his party on charter schools. Obama swings the ax back at McCain. He tells him that he compares him to Bush because “on the core economic issues that matter to the American people you have been a vigourous supporter of president Bush,” says Obama. “When it comes to economic policies essentially what you are proposing are eight more years of the same thing.”
9:18 pm – Earmarks
I save Billions says McCain. He outlines all of the different earmarks that he has targeted. I think that we do have a disagreement about across the board spending, says Obama. He says that there are some programs that don’t work at all and some that are overfunded. Earmarks account for one half of one percent says Obama. Focusing on earmarks will not solve the problem.
9:10pm – More on Taxes
Why would you raise taxes now, asks McCain. We need to cut taxes now in America. We need to encourage business enterprise. Obama says that we need to support American investments that make the country work.
Schieffer asks whether your proposals need to be trimmed.
Obama says there is no doubt we have been living beyond our means. He wants the world to no that he fights special interests too and that the country will need to make some adjustments. “I have been a strong proponent of pay as you go,” says Obama. Some of the cuts Obama says he has voted against were $15 billion a year on healthcare programs that don’t work. If we make investments now it will save on Medicare and Medicaid in the future says Obama.
9:02 pm – And So it Begins.
Schieffer refers to the plans that both candidates have proposed this week. He asks, Why is your plan better than his?
McCain goes first. “Americans are hurt right now and they are angry,” says McCain. “They are inocent victims of greed from Wall Street as well as Washington D.C.” McCain says that we need short term fixes. He suggests that Fannie Mae and Freddie Mac are at fault for the current economic turmoil. He wants to go in and buy those home mortgages and renegotiate them so that citizens can stay in their homes.
The financial rescue plan is an important first step, says Obama. But he thinks it will take some time to work itself out. He proposes some specific things: Focus on jobs, end shipping jobs overseas, provide middle class tax cut for people making less than $250,000. We have some long term challenges says Obama.
8:56pm- Bob Schieffer is introduced.
He says this is the most exciting campaign that he has covered and he has covered a lot of campaigns.