McCain Cool on Tax Rebates
Tuesday, January 22nd, 2008John McCain says he supports today’s interest rate cut by the Fed. He thinks lower interest rates and lower taxes are important in getting the economy back on track.
But McCain is cool to the idea of tax rebate checks. The Bush administration is said to be considering rebates of $800 per person as part of an economic stimulus package.
McCain has voiced doubts repeatedly at campaign events in the last week or so. Here’s a sample, from a rally last week in Hilton Head, South Carolina.
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McCain’s economic advisor, Doug Holtz-Eakin, says it might be months before rebate checks are issued– past a timely window. But he says if the checks could be timely, well-targeted and temporary… and if no other viable option were on the table… then the Senator might endorse the idea.
McCain always insists that any economic strategy should include cutting spending. Some reporters and economists have challenged that theory because less spending takes money out of circulation.
