McCain Assails Obamanomics

ABC News' David Chalian Reports: Wrapping together much of the criticism we have heard from him over the last couple of months, John McCain goes after Barack Obama's economic stewardship in a speech to be delivered today at the Heritage Foundation in Washington, DC.

McCain decries the cost of the stimulus bill, the earmarks in the omnibus spending bill, and the president's budget plan overall. (He withholds judgment on Geithner's toxic asset plan rolled out this week.)

And he charges Obama with soaking the rich to pay for federal government expansion.

"We must respect the principle that solutions must be durable. If we fall prey to the siren song of short-run expediency, we will spend money in ways that we will just have to reverse in the future," McCain is expected to say according to remarks prepared for delivery. "Sadly, I believe that the President’s budget is a leading example of this problem. President Obama is sticking five percent of Americans with the bill for a massive expansion of government. As budget policy, this is risky business and bad economics, and it is premised on a misguided approach to fairness that will not stand the test of time."

Immediately following his loss to President Obama last fall, Sen. McCain talked of looking for areas of opportunity to work in concert with the Obama Administration.  Sen. McCain stood with President Obama at the White House to highlight the not so sexy topic of procurement procedures.  More significantly, he publicly supported the president's approach to winding down the Iraq war.

But with the economy as the single most dominant issue in American politics, Sen. McCain finds himself playing the former combatant/current opposition leader role much more than the Republican friend across the aisle working as a partner with President Obama.  The high profile meeting between then President-elect Obama and Sen. McCain in Chicago shortly after the election seemed to suggest we may have seen a bit more of the partnership.  The current issue terrain apparently proves to be far too difficult for that key reach across the partisan divide.

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