Obama, McCain fight over economy

Democratic nominee Barack Obama (l) and Republican nominee John McCain

US Dem. nominee Barack Obama and Rep. nominee John McCain have rapped each other's economic plans amid the domestic economic crisis.

Both Obama and McCain agree the economy is faltering under the President George W. Bush administration; however, they differ on ways to fix it.

Obama spoke in St. Louis on Monday, saying, "John McCain's policies are essentially a repeat, a regurgitation of what we've been hearing from the Republican Party over the last two decades, maybe three. It's part of the reason that we're in the situation that we find ourselves in right now."

McCain, however, tried to distance himself from Bush while speaking in Denver on Monday, saying, "This Congress and this administration have failed to meet their responsibilities to manage the government. Government has grown by 60 percent in the last eight years. That is simply inexcusable."

He stated, "Some economists don't think much of my gas tax holiday," -- a proposal to suspend federal fuel tax temporarily. "But the American people like it, and so do small business owners."

Obama, who has called for tax cuts for middle-class workers and tax increases for top earners with substantial government subsidies for health care, college, retirement and alternative energies, has called McCain's plan a gimmick that will not lower gasoline prices.

But McCain, who has pledged to cut taxes for all and raise them on none, has criticized Obama's plan, describing it as expensive and unwise.

NA/BGH