Sparring over fundamentals

Barack Obama's campaign has already explained that the remark was taken completely out of context.

But that isn't stopping John McCain's camp from putting together a spot today accusing Obama of hypocrisy.

The dispute is over Obama's speech Monday in Colorado when he declared, "We've got the long-term fundamentals that will really make sure this economy grows."

Republicans say Obama was talking about the economy -- which would make it similar to what McCain said two weeks ago and Obama has been bashing him for ever since.

McCain's spot says that Obama attacked McCain over saying that the "fundamentals" of the economy are strong.

"Is Obama saying McCain's right?" the announcer asks. "Or is Obama saying his own attacks are shameless? Either way, Obama's a hypocrite."

Obama's campaign says he was talking about his economic plan, so his criticism of McCain's comment still stands.

Here's the context:

"We don’t just need a plan for bankers and investors, we need a plan for autoworkers and teachers and small business owners. I have said it before and I’ll say it again: we need to pass, after this immediate crisis is over, an economic stimulus plan. Right now. For working families – a plan that will help folks cope with rising food and gas prices, that can save one million jobs by rebuilding our schools and our roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits. For those Americans who have lost their jobs and have been working hard to find a new one, but haven’t found one yet. That’s part of the change we need.

"And then after this immediate problem, we’ve got the long-term fundamentals that will really make sure this economy grows. Change means a tax code that doesn’t reward the lobbyists who wrote it, but the American workers and small businesses that deserve it. As president I am going to eliminate capital gains taxes for small businesses and start-ups. That’s how we’ll grow our economy and create the high-wage, high-tech jobs of tomorrow."