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McCain Blasts Obama's Budget Plan

Natalie Erlich|Write/Producer
Thursday, 2 Apr 2009 | 11:01 AM ET

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."

Senator McCain & the President's Budget
President Obama's plan is generational theft, says Sen. John McCain, Senate Armed Services Commitee (R-AZ). Insight on the Republicans' alternative budget plan.

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 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:

  • Jobless Claims Take Surprise Jump
  • Consumer Credit Delinquencies At Record High
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