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As Markets Tumble, McCain Shifts Focus To Economic Plan

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By BILLY HOUSE, The Tampa Tribune

Published: January 23, 2008

TAMPA - John McCain revved up efforts Tuesday to explain his economic plan, as the financial-market turmoil threatened to steal the spotlight from his central presidential primary campaign theme of national security.

It was a shift for McCain, who started his final week of campaigning for Florida's primary next Tuesday by launching a TV commercial relating his personal sacrifice for the country, and that he supported the troop surge in Iraq.
Republican rivals Mitt Romney and Rudy Giuliani had been focused on depicting themselves as better equipped to be economic "fixers." They got media attention for criticizing the Arizona senator for such things as voting against cutting capital gains taxes.

With Tuesday's worldwide stock sell-off and the Federal Reserve's decision to slash interest rates increasing nervousness, McCain had to respond.

McCain and his campaign continued to emphasize long-term approaches, however, over any temporary or quick solutions.

In that way, McCain's approach differs from President Bush, who said he supports a short-term boost such as personal income tax rebates for individuals, and Federal Reserve chairman Ben Bernanke, who also has called for such a move.

For some, though, McCain's approach has helped to promote the view that "he has no economic plan," national pollster John Zogby said.

But McCain said: "The U.S. economy has proven to be quite resilient. I am concerned about financial market events, but with the right leadership and pro-growth policies the economy can weather this upheaval."

McCain's plan includes repealing the alternative minimum tax, requiring a three-fifths majority in Congress to raise taxes, eliminating "earmarks," enacting more tax breaks for research and development, and lowering trade barriers.

McCain adviser Doug Holtz-Eakin said the increased focus on the economy is not bad for McCain.

Rather, he said the primary threats to the economy continue to be Islamic extremism and a terrorism event, saying those have real effects on the international availability of oil.

Hillsborough County Commissioner Mark Sharpe said in a statement Tuesday that "now more than ever our country needs true fiscal conservative leadership - the type promised by Sen. John McCain."

Reporter Billy House can be reached at (202) 641-5080 or bhouse@tampatrib.com.

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