McCain Calls for Clean Break From Spending Policies

It's time for a "clean break" from practices of both political parties, John McCain told Summit attendees this morning. Lawmakers from both sides of the aisle have lost fiscal restraint, he said. Using the recently passed farm subsidy bill as an example, McCain told the small business owners that "small farmers have been forgotten" while Congress "sends subsidies to giant agri-businesses."

[Click here to launch a slideshow of McCain's appearance at the Summit.]

McCain called for a one-year pause in the growth of all "discretionary" spending and vowed to end "earmark spending" by using the presidential veto, if necessary.

McCain used his speech to the small business audience to draw a distinction between himself and his opponent in the fall election, Barack Obama. He focused on their differences in foreign trade and tax policy. He reiterated his support for such policies as NAFTA, low capital gains taxes and a simpler tax code. "Under Obama, the 'death tax' will be raised to 55%," said McCain, describing such a tax as "confiscatory."

McCain continued to issue his invitation to Obama to participate in joint "town hall meetings" where, he said, "we can explore our differences, in a friendly way."

At the beginning of his speech, McCain was interrupted briefly by anti-war protestors. "Let's stop yelling at each other," he responded. "The American people want a respectful conversation."

Note: A copy of Sen. McCain's prepared remarks can be found here.