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McCain Outlines Economic Policy


Republican presidential hopeful John McCain has outlined his economic policy based on tax cuts for businesses and middle income Americans.

During a speech in Pittsburgh, Pennsylvania, the presumptive Republican presidential nominee proposed a reduction in the corporate tax rate from 35 percent to 25 percent, saying high taxes are driving U.S. businesses overseas.

McCain also said if elected president, he wants to save millions of middle-class families more than $2,000 every year in taxes.

He also proposed a so-called "gas tax holiday" designed to give Americans relief from rising fuel prices. Under the plan, McCain would suspend the 18.4 percent federal gas tax from the end of May to early September.

Senator McCain also distanced himself from the economic policies of the Bush administration and the Democratically-controlled Congress. He said Republicans need to once again become the party of spending restraint.

McCain also criticized his Democratic rivals, Barack Obama and Hillary Clinton, saying both plan to raise taxes on every American citizen.

In a speech earlier Tuesday in Washington, D.C., Obama shot back at McCain, saying he was offering more of the same tax cuts to wealthy Americans as the Bush administration.

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