McCain, Obama: Two Takes On U.S. Economic Woes

On the campaign trail, presidential candidates John McCain and Barack Obama are both taking some credit for helping to pass the $700 billion financial rescue package. But the two men part company on what else is needed to revive the ailing economy.

McCain blames the nation's economic woes on personal character flaws — "corrupt" politicians or "greedy" bankers — not failures of policy like Obama does. That's why the solution McCain proposes is a kind of moral housecleaning, rather than a more progressive tax code or big government investments, which Obama advocates.

"And that's the difference between myself and Sen. Obama" McCain told a town hall meeting in Colorado on Friday. "He wants higher taxes, more government, higher spending, and frankly, that record is not something which has been good for America. And we won't let it happen."

Meanwhile, in Pennsylvania, Obama opened the day at a rally at a suburban Philadelphia high school.

"When Sen. McCain and his running mate talk about job killing, that is something they know a thing or two about, because the policies they've supported and are supporting are killing jobs in America every single day."

Then Obama went on to defend his tax proposal, which took a lot of heat from Gov. Sarah Palin in the vice presidential debate Thursday night.

"Under my plan, tax rates will actually be less than they were under Ronald Reagan. We give three times as much tax relief as John McCain does to middle-class families. That is what will work, and that is the kind of change we will bring to Washington."

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