- Stocks Struggle; Home Depot Drags
- Senate Health Bill Would Raise Some Premiums: CBO
- US to Push Mortgage Lenders To Modify More Home Loans
- Intrigue and Plot Twists in Global Climate Talks
- Stocks Retreat as Home Depot Drags
- Russia Offers 'Outstanding' Opportunities: Fund Manager
- Futures Edge Lower Amid Dubai Worries
- Halve World Carbon Emissions by 2050: Danish Text
- EU Officials Not Optimistic on Yuan Appreciation
- US Treasury Wants Banks to Do More to Ease Mortgages
MOST SHARED
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Black Friday Sales Disappoint Investors; Amazon Up
- Tiger Woods Wants to Protect Family Privacy: Agent
- Governments Must Take Steps To Avoid More Dubais: El-Erian
- Get Paid Six Figures to Wear a T-Shirt?
- Tamminen: Copenhagen And Beyond
- BofA Aims to Clearly Spell Out Credit Card Terms
- Oil Demand Sees Year-Over-Year Rise, First Since 2007
- Regulators List Systemic Risk Institutions: Report
- Amazon's Kindle Sales Hit Monthly Record in November
- Should Homeowners Be Able to Stop Paying Mortgage?
- Buffett's Predictions For Next Year—And Every Year
- The World's Biggest Debtor Nations
- Goldman Sachs Party Ban: No Gatherings of 12 or More
- Fed Tweaking Plan to Pull Money Back out of Economy
- Scientists Gone Wild: Climate Debate Turns Nasty
- Blue Nile CEO: Having 'Best Cyber Monday Ever'
- Slideshow: The Real Cost of the 12 Days of Christmas
- Oil Demand Sees Year-Over-Year Rise, First Since 2007
- Best Online Retailers to Buy Now: Internet Analyst
- ESPN The Magazine’s Body Issue: A Financial Success
- Cyber Monday: The Last Vestige of Dotcom Hype
- Dubai Fear is 'Noise'—Stay Fully Invested: Strategist
- Tech Comes to Holiday Shopping's Rescue?
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Roginsky: The Botax Whose Time Has Come
- Buy or Hold: Analyst Rates 10 Retail Stocks
- Execs: Tis The Season To Take Control
Text Size 
Calling it "general theft," Sen. John McCain blasted the Obama administration's budget proposal on CNBC Thursday as irresponsible.
"We're already $10.7 trillion in debt. That's more than all the presidents combined from George Washington to George W. Bush," The Arizona Republican said.
"It's up to us as a party, not only for Republicans but for Americans, to present alternatives particularly because this is general theft that we're about to commit."
McCain said that raising taxes on the American people is not the answer. "It's basically what you would consider a fiscal conservative approach, but at the same time recognizing that we're in a ditch and we're not going to have a balanced budget for quite a while," he said.
McCain also said The Obama administration should have let General Motors [GM
Loading...
()
] go bankrupt some time ago. "We've spent $7 billion already on life support for a system that has to be fundamentally revised," said McCain.
For More Economic News On CNBC.com:
Print
Email
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
Data is a real-time snapshot *Data is delayed at least 15 minutes