McCain, Obama outline competing economic plans

The economy was back on center stage today as Barack Obama and John McCain gave dueling speeches on taxes, trade, and spending.

McCain, speaking at a town hall meeting in Denver, returned to his theme of tax-cutting and fiscal restraint. He vowed to balance the federal budget by the end of his first term; eliminate the Alternative Minimum Tax, which has ensnared a growing number of middle-class families; double the personal exemption for dependents; and provide companies tax credits for research and development.

"At its core, the economy isn't the sum of an array of bewildering statistics. It's about where Americans work, how they live, how they pay their bills today and save for tomorrow," McCain said, according to prepared remarks. "It's about small businesses opening their doors, hiring employees and growing. It's about giving workers the education and training to find a good job and prosper in it. It's about the aspirations of the American people to build a better life for their families; dreams that begin with a job."

Read McCain's economic plan here.

Obama was scheduled to give an economic address in Charlotte, but his plane was diverted to St. Louis because of mechanical problems. So he spoke to his North Carolina audience by telephone, according to Time magazine.

Obama reiterated his call for an additional $50 billion economic stimulus package; vowed to cut taxes by $1,000 for 95 percent of workers and their families and eliminate income taxes for seniors making less than $50,000; enroll every worker automatically in a portable pension plan; and provide a $4,000 tax credit toward the cost of a college education.

"I won’t stand here and pretend that we can or should undo the economic transformations that have taken place over the last few decades. There are jobs that aren’t coming back and this world will always be more competitive," Obama said, according to prepared remarks. "But I do believe that if all of us are willing to share the burdens and benefits of this new economy, then all of us will prosper – not just because government makes it so, but because we’re willing to take responsibility as individuals to work harder and think more and innovate further."

Read Obama's plan here.