Debates over economy between Obama, McCain heat up

Source: Xinhua | 06-11-2008 14:39

WASHINGTON, June 10 (Xinhua) -- U.S. presumptive Democratic presidential Barack Obama and his Republican rival, John McCain, heated up their debates over economy on Tuesday as they speed up their competition for the White House.

Arizona Senator McCain attacked the Illinois Senator's economic proposals that as he said could raise taxes and cut American jobs.

U.S. Republican presidential candidate Senator John McCain speaks during a townhall meeting in Kenner, Louisiana June 3, 2008.

"You work hard in small businesses to grow and create new jobs and opportunities for others," he told a conference of the National Federation of Independent Business. "The federal government shouldn't make your work any harder."

In response, Obama told reporters later the day that McCain was trying to mislead public about his economic policies, saying that he would eliminate the capital gains tax "for the small businesses and startups that are the backbone of our economy."

He also said that he would cut taxes for 95 percent of the country's workers should he be elected, while only suspend Presidential George W. Bush's current tax cut on the richest Americans whose annual incomes are above 250,000 U.S. dollars and account for 5 percent of the country's total population.

Obama accused McCain of aiming at an extra of 300 billion-dollar tax breaks and "loopholes for big corporations and for the wealthiest Americans, and he hasn't even explained how he'd pay for it."

Economy has been topping American voters' concerns and remaining a focus of debates in the 2008 presidential nomination race.

Obama's campaign said on Monday that the candidate has reached out to an economic adviser, Jason Furman, who used to help his rival, Hillary Rodham Clinton, to bolster his capability to score on the economic issue.

U.S. Democratic presidential candidate Obama speaks at the American Israel Public Affairs Committee (AIPAC) policy conference in Washington, U.S., June 4, 2008.

He also kicked off an economic tour to campaign in the states whose economy have been badly hit or threatened by the rising oil price and increasing job losses.

The Democratic candidate got a boost in winning over working-class voters on Tuesday, when the United Auto Workers International Executive Board endorsed him for believing he can rebuild the U.S. manufacturing base and assist the auto industry.

Editor:Du Xiaodan