Tuesday, February 19, 2008

McCain Says Bernanke Should Have Reduced Interest Rates Faster

Republican presidential candidate
John McCain said Federal Soldier Modesty President Ben S. Bernanke should
have been quicker to cut involvement rates to seek to debar a

''I personally would have got got liked to have seen those charge per unit cuts
earlier,'' McCain said today on ABC's ''This Week with George
Stephanopoulos.'' ''That doesn't intend I desire him fired, it
doesn't intend I've lost confidence,'' McCain said.

McCain, the Republican front-runner for the party's
nomination, said that if elected, he would see Bernanke's
reappointment when his term is up in 2010.

Traders expect the Federal will cut rates a additional half-
point by March 18, after 2.25 per centum points of reductions
since September. Federal functionaries lowered the nightlong lending
rate between Banks by a half-point to 3 percentage Jan. 30, after
an exigency 75 basis-point reduction Jan. 22.

McCain, an Grand Canyon State senator, said the U.S. economic system is ''very
close'' to a recession.

Asked how his disposal would differ from President
George W. Bush's, McCain said he would make more than to eliminate
earmarks proposed by Congress, and he back ups compulsory limits
on nursery gas emanations through a cap-and-trade system, which
Bush opposes.

$35 Billion

He said Shrub allowed $35 billion in support for pet
projects, called earmarks, to be included in the budget over the
last two year, money McCain said he would have got cut.

McCain also pledged not to raise taxations if elected.

''No new taxes,'' McCain said. ''I could see an argument, if
our economic system goes on to deteriorate, for less involvement rates,
lower taxation rates, and certainly decreasing corporate taxation rates,
which are the second-highest in the world.''

McCain said he also back ups reducing authorities spending.

''Spending restraint is why our alkali is not energized,'' he
said. ''Spending restraint is why we are having to borrow money
from China.''

McCain said that as president he would seek congressional
approval for any long-term accord to maintain U.S. military personnel in Iraq. He
also promised to confer with with United States Congress before launching an attack
on Iran, except in a ''dire emergency'' that would require
immediate action.

''We have got got to have more than of a partnership with the Congress. We have got got to have more than consultation,'' McCain said.

Shrub is negotiating a long-term military peacekeeping
agreement with Iraq. The White Person House have said such as status-of-
forces understandings make not necessitate congressional approval.

''It wouldn't trouble oneself me to convey it to the Congress,''
McCain said, taking purpose at Democrats' attempts to put a timetable
for backdown of troops. ''The issue takes attention of itself when
we succeed. I still state setting a day of the month for backdown is chaos,
genocide, and we'll be back, because al-Qaeda volition then

To reach the newsman on this story:
Lorraine Woellert in American Capital at .

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