Statement by John McCain on The Federal Budget Deficit

ARLINGTON, VA -- U.S. Senator John McCain issued the following statement on the federal budget deficit:

"Today the Administration released another reminder of the dire fiscal condition of the federal government -- a budget deficit for this year of $389 billion and a sad legacy for the American taxpayer: a deficit estimated at $482 billion next year. There is no more striking reminder of the need to reverse the profligate spending that has characterized this administration's fiscal policy.

"I have an unmatched record in fighting wasteful earmarks and unnecessary spending in the U.S. Senate and I have the determination and experience to do the same as President. As President, I have committed to balancing the budget by the end of my first term. Today's news makes that job harder, but should not change our resolve to make the tough decisions and the genuine effort to reach across the aisle that are needed to ensure a lasting solution to the spending problem that threatens the very stability of our economy.

"Strong economic growth is the first step to getting back to a balanced budget. My Jobs for America plan -- a comprehensive strategy that includes keeping taxes on individuals, investment, and small businesses where they are today; incentives for businesses to invest more and keep well-paying jobs in this country; and leading to more jobs, higher pay, and -- ultimately -- growth in revenues.

"Senator Obama will not commit to balancing our budget, does not propose to control spending, and has only one answer to every challenge: raise taxes. His plan is to increase tax rates on investment, income, and above all on the small businesses that drive our economic growth and create jobs. It is a plan that will not work for American workers. It will not work to solve the budget mess -- his taxes would not raise enough over the next decade to cover his spending proposals, let alone make a dent in the budget deficit."