Question: Will McCain's or Obama's Tax Cuts Increase the National Deficit More?
Answer: John McCain has approved ads that state Barack Obama's plans would create "years of deficits." It is true that Obama's plans would increase the national debt, but McCain's plan will also increase U.S. debt.
As reported by FactCheck.org, McCain's plan is even worse than Obama's. They report that:
- Barack Obama's Tax Plan: would increase debt by $3.5 trillion by 2018, and
- John McCain's Tax Plan: would increase debt by $5 trillion by 2018.
The nonpartisan Urban-Brookings Tax Policy Center stated on August 28, 2008, that:
"Neither candidate’s plan would significantly increase economic growth unless offset by spending cuts or tax increases that the campaigns have not specified."
