Wednesday, October 15, 2008

3rd Presidential Debate: Transcript (10-15-08)

The third presidential debate between Barack Obama and John McCain was held at Hofstra University in Hempstead,NY. Read the complete transcript.

McCain: No. I would like to mention that a couple days ago Sen. Obama was out in Ohio and he had an encounter with a guy who's a plumber, his name is Joe Wurzelbacher.

Joe wants to buy the business that he has been in for all of these years, worked 10, 12 hours a day. And he wanted to buy the business but he looked at your tax plan and he saw that he was going to pay much higher taxes.

You were going to put him in a higher tax bracket which was going to increase his taxes, which was going to cause him not to be able to employ people, which Joe was trying to realize the American dream.

Now Sen. Obama talks about the very, very rich. Joe, I want to tell you, I'll not only help you buy that business that you worked your whole life for and be able -- and I'll keep your taxes low and I'll provide available and affordable health care for you and your employees.

And I will not have -- I will not stand for a tax increase on small business income. Fifty percent of small business income taxes are paid by small businesses. That's 16 million jobs in America. And what you want to do to Joe the plumber and millions more like him is have their taxes increased and not be able to realize the American dream of owning their own business.

Schieffer: Is that what you want to do?

McCain: That's what Joe believes.

Obama: He has been watching ads of Sen. McCain's. Let me tell you what I'm actually going to do. I think tax policy is a major difference between Sen. McCain and myself. And we both want to cut taxes, the difference is who we want to cut taxes for.

Now, Sen. McCain, the centerpiece of his economic proposal is to provide $200 billion in additional tax breaks to some of the wealthiest corporations in America. Exxon Mobil, and other oil companies, for example, would get an additional $4 billion in tax breaks.

What I've said is I want to provide a tax cut for 95 percent of working Americans, 95 percent. If you make more -- if you make less than a quarter million dollars a year, then you will not see your income tax go up, your capital gains tax go up, your payroll tax. Not one dime.

And 95 percent of working families, 95 percent of you out there, will get a tax cut. In fact, independent studies have looked at our respective plans and have concluded that I provide three times the amount of tax relief to middle-class families than Sen. McCain does.

Now, the conversation I had with Joe the plumber, what I essentially said to him was, "Five years ago, when you were in a position to buy your business, you needed a tax cut then."

And what I want to do is to make sure that the plumber, the nurse, the firefighter, the teacher, the young entrepreneur who doesn't yet have money, I want to give them a tax break now. And that requires us to make some important choices.

The last point I'll make about small businesses. Not only do 98 percent of small businesses make less than $250,000, but I also want to give them additional tax breaks, because they are the drivers of the economy. They produce the most jobs.

McCain: You know, when Sen. Obama ended up his conversation with Joe the plumber -- we need to spread the wealth around. In other words, we're going to take Joe's money, give it to Sen. Obama, and let him spread the wealth around.

I want Joe the plumber to spread that wealth around. You told him you wanted to spread the wealth around.

The whole premise behind Sen. Obama's plans are class warfare, let's spread the wealth around. I want small businesses -- and by the way, the small businesses that we're talking about would receive an increase in their taxes right now.

Who -- why would you want to increase anybody's taxes right now? Why would you want to do that, anyone, anyone in America, when we have such a tough time, when these small business people, like Joe the plumber, are going to create jobs, unless you take that money from him and spread the wealth around.

I'm not going to...

Obama: OK. Can I...

McCain: We're not going to do that in my administration.

Obama: If I can answer the question. Number one, I want to cut taxes for 95 percent of Americans. Now, it is true that my friend and supporter, Warren Buffett, for example, could afford to pay a little more in taxes in order...

McCain: We're talking about Joe the plumber.

Obama: ... in order to give -- in order to give additional tax cuts to Joe the plumber before he was at the point where he could make $250,000.

Then Exxon Mobil, which made $12 billion, record profits, over the last several quarters, they can afford to pay a little more so that ordinary families who are hurting out there -- they're trying to figure out how they're going to afford food, how they're going to save for their kids' college education, they need a break.

So, look, nobody likes taxes. I would prefer that none of us had to pay taxes, including myself. But ultimately, we've got to pay for the core investments that make this economy strong and somebody's got to do it.

McCain: Nobody likes taxes. Let's not raise anybody's taxes. OK?

Obama: Well, I don't mind paying a little more.

McCain: The fact is that businesses in America today are paying the second highest tax rate of anywhere in the world. Our tax rate for business in America is 35 percent. Ireland, it's 11 percent.

Where are companies going to go where they can create jobs and where they can do best in business?

We need to cut the business tax rate in America. We need to encourage business.

Now, of all times in America, we need to cut people's taxes. We need to encourage business, create jobs, not spread the wealth around.

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McCain Speech on Economics: Transcript (10-14-08)

Read the complete transcript of John McCain's speech given in Pennsylvania. In the speech he makes some proposals to help the economy.

If I am elected president, I will help to create jobs for Americans in the most effective way a president can do this - with tax cuts that are directed specifically to create jobs, and protect your life savings. I will stand up to the corrupt ways of Washington, the wasteful spending and the abuses of power and I will end these abuses, whatever it takes. I will lead reforms to help families keep their homes, and retirees to keep their savings, and college students to pay their tuition, and every citizen to afford health care, and America to reclaim its energy independence. These will be my priorities. We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change. The hour is late and our troubles are getting worse. We have to act immediately. We have to change direction now. We have to fight.

That is what I will do in my term as president, and when I leave office I can promise you that this nation will not be on the same path it is today. I will not play along with the same Washington games and gimmicks that got us into this terrible mess in the first place. I am going to Washington to fight for you.

I will begin by making certain that the 700 billion dollars already committed to economic recovery is not used to further enrich the very people and institutions that invited these troubles with their own reckless conduct. Instead of just propping up institutions deemed "too big to fail" in this crisis, we will use more of this public money to help businesses and homeowners that may be too small to survive.

This financial crisis started with our housing crisis, and we cannot fix our markets and the economy until we fix the housing crisis. My plan will protect the value of your home and get it rising again by buying up bad mortgages and refinancing them so if your neighbor defaults he doesn't bring down the value of your house with him. I will direct the government to refinance troubled mortgages for homeowners and replace them with mortgages they can afford. This is what we did during the Great Depression and we can do it again. Helping families who face default, foreclosure, and possible bankruptcy helps all homeowners, and will begin the process of recovery from this crisis. With so much on the line, the moment requires that government act - and as president I intend to act, quickly and decisively.

When the government does provide funds to shore up companies, the terms will be demanding, there will be complete transparency and the safety net for our financial system will not become a golden parachute for failed executives. Moreover, we will not merely inject billions of dollars into companies and walk away hoping for the best. We will require that those companies be reformed and restructured until they are sound assets again, and can be sold at no loss - or perhaps even a profit - to the taxpayers of America.

And when that is accomplished, in each instance, government will relinquish its interest in these private companies. We're going to get government out of the business of bailouts and equity stakes, and back in the business of responsible regulation. We will learn from this crisis to prevent the next one, with much stricter oversight. No more wild overleveraging, no more liabilities concealed from the public and from shareholders, no more bundling of assets to maximize profit by assuming insane risks. Those days are over on Wall Street. With new rules of public disclosure and accounting, my reforms will make certain these betrayals of shareholders and the public trust are never repeated.

We must restore trust to our financial system. On my orders, the Department of the Treasury will guarantee one hundred percent of all savings accounts for a period of six months. This will calm the understandable fears of widespread bank failure, while also restoring rational judgment to the choices of the market.

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