Obama says McCain lacks ideas for economy
CAMPAIGN '08
The Democratic candidate, campaigning in North Carolina ahead of its May 6 primary, says the government must act to assist homeowners facing foreclosure.
After taking several days off, Sen. Barack Obama returned to the campaign trail this morning, castigating the expected Republican presidential candidate for rejecting major government efforts to deal with the mortgage crisis.
Campaigning in Greensboro, N.C., Obama described Arizona Sen. John McCain as lacking ideas for how to deal with the problems caused by the steep declines in the housing and mortgage market.
"John McCain has admitted that he doesn't understand the economy as well as he should," Obama said in a televised appearance. "And yesterday, he proved it in a speech he gave on the housing crisis.
"He said that the best way for us to address the fact that millions of Americans are losing their homes is to sit back and watch it happen. In his entire speech yesterday, he offered not one policy, not one idea, not one bit of relief to the nearly 35,000 North Carolinians who are forced to foreclose on their dream over the last few months."
Obama said: "John McCain may call helping struggling homeowners pandering, but I don't think the families in North Carolina who are losing their homes would see it that way."
On Tuesday, McCain laid out his economic vision in a speech in Santa Ana where he told businessmen that "it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers." McCain did not rule out a government role in helping homeowners, but the tone of his comments made it clear it would be limited.
The comments drew a bright line between the presumptive Republican candidate and the Democrats on the economy, the problem that exit polls indicate is the No. 1 electoral issue.
Both Obama of Illinois and Sen. Hillary Rodham Clinton of New York, who are battling for the Democratic presidential nomination, have proposed a package of measures that call for a stronger government role. Clinton has proposed a $30-billion fund to help localities fight foreclosures. Obama has urged a $10-billion relief package to prevent foreclosures.
The McCain campaign lost no time in counterpunching. In a prepared statement attributed to spokesman Tucker Bounds, the campaign attacked Obama for misrepresenting McCain's plan.
"John McCain has called for an immediate and balanced approach to provide transparency and accountability in an effort to help homeowners who are hurting, while Barack Obama has made a $10-billion election-year promise that is sure to raise taxes and handcuff an already struggling economy," the campaign said.
