McCain Blasts Obama's Budget Plan

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 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.

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