(CNN) – Does John McCain recommend a spending freeze to help stabilize the economy, or want the government to purchase bad mortgages from struggling homeowners? Well, according to his answers during Tuesday night’s debate, both.
Early in the debate, McCain recommended that the federal government buy up bad mortgages from landowners and replace them with lower cost, fixed-rate mortgages, which he said would help keep Americans in their homes.
“I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of the homes at the diminished value of the homes and let people make those, make the payments and stay in their homes,” McCain said. “Is it expensive? Yes.”
But later in the debate, when asked what sacrifices the American people would need to make to help revive the economy, McCain recommended a “spending freeze.” The Republican nominee said the government should cut wasteful programs and eliminate earmarks.
“We're going to have to tell the American people that spending is going to have to be cut in America,” McCain said. “And I recommend a spending freeze that except for defense, veterans affairs and some other vital programs, we'll just have to have an across the board freeze.”
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