MAJOR SPENDING INCREASES: energy ($15b, although some is taxes), education ($18b), national security including foreign assistance ($50b) & misc.Where's the infrastructure bank? Health care? Etc.
MAJOR SPENDING CUTS: responsibly ending the war in Iraq ($90b), Medicare advantage overpayments ($15b), cutting federal contractors by 10% ($40b), reducing subsidies for banks that make student loans, cutting earmarks, other health savings, many others.
9:27: A 78-year old from Chicago asks what Americans ought to sacrifice: McCain talks about spending cuts...even some "really good projects," not just Obama's "overhead projector" earmarks. McCain talks about an across-the-board freeze in spending...
9:26: Ooh. Just caught McCain looking at Obama. Caught you, JSM!
9:25: Brokaw seems to be upset that candidates aren't playing by their rules, but the rules are ridiculous. One minute for discussion? These are senators. They talk in paragraphs.
9:24: McCain's is an interesting new plan -- don't enough about it to evaluate it -- but it doesn't really sound right when unveiled as McCain bashes Obama for nearly a trillion in new spending.
9:22: McCain campaign sends out fact sheet on what it unironically calls the "McCain Resurgence Plan." Here's the first graf:
John McCain will direct his Treasury Secretary to implement an American Homeownership Resurgence Plan (McCain Resurgence Plan) to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis. America's families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage. The existing debts are too large compared to the value of housing. For those that cannot make payments, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages. Lenders in these cases must recognize the loss that they've already suffered.
9:20: McCain touts his bipartisan record. Goes after Obama's spending record...
9:18: "How can we trust either of you with our money when both parties got us into this global economic crisis." Obama: "I understand your frustration and your cynicism..." "Sen. McCain voted for four or the five George Bush budget." Obama says he's cutting more than he's spending. (Really? This sounds implausible.) Remember: the RNC IE is out with a new spending ad. The spending issue works for McCain.
9:16: Obama: "I am confident about the American economy..." Watch for the GOP to jump on this and wrestle this out of context.
9:15: McCain's still not looking at Obama. Less noticeable in this format though.
9:12: Obama: "first let me tell you what's in the rescue package for you...." Says that rescue package will help unlock credit markets... Obama on McCain as a "reregulator," claims that he (Obama) was prescient. Obama: "What Sen. McCain didn't mention was the fact that this bill he talked about wasn't his own bill... I never promoted Fannie Mae..." brings up Rick Davis's Fannie lobbying. Obama: "You're not interested in politicians pointing fingers..." Calls this "the beginning of the process."
9:11: Another question about what the bailout will do to help regular people. McCain: "What you describe as bailout, I describe as excess." McCain goes into suspension narrative. McCain says Obama "cronies" were responsible for all the loans. Obama has a knowing smile on his face. This rescue package means that "we will stabilize markets, that we will shore up institutions, but that's not enough."
9:08: Brokaw asks McCain about potential Treasury appointees. McCain goes after Brokaw. "Not you, Tom." McCain proposes Meg Whitman..eBay. "It's going to have to be someone who inspires trusts and confidence." BTW: eBay yesterday announced a 10% reduction in their workforce. Obama: Warren "would be a pretty good choice," but there are other folks there. "The key is making sure that the next Treasury sec. understands that it's not enough to help those at the top." Neither candidate seem to be willing to drop names here...
9:05: McCain's new proposal: have Treasury buy up bad mortgages and renegotiate them. "Is it expensive? Yes. Until we stabilize home values, we're never going to turn around..." -- This is a massive new spending proposal.
9:04: McCain: Tries to joke about Obama's not accepting McCain's town hall meeting. No one gets it. McCain's plan is "energy independence," keeping taxes low, "obviously got to stop the spending spree." If I recall, the original question was about bailing out ordinary Americans...
9:03: Fastest most positive solution to bail actual people out: Obama: "I believe this is a final verdict on the failed economic policies of the past eight years promoted by President Bush and supported by John McCain." Obama: "the middle class need a rescue package." Promises tax cuts, help for homeowners and his infrastructure bank idea.
9:02: McCain arm-pats Obama during their opening handshake. Important? No. Body language visuals are important.... Both candidates have practiced the staging. Standing up at appropriate times; not blocking cameras, etc.
9:01: McCain camp sends out prebuttal accusing Obama of lying about Obama's health care record.
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Did McCain get the first questioner's name wrong? I thought he said "Alan" but the questioner's name was "Alex."
Posted by jb | October 7, 2008 9:12 PM