John McCain's weekly radio address

In his weekly radio address, John McCain spoke about a variety of topics, but I'm going to focus on what he said about the financial rescue plan.

If I am elected president, I will also act immediately with reforms to restore fairness, integrity, and financial sanity to the institutions that have failed us on Wall Street. We will apply new rules to Wall Street, to end the frenzies of speculation by people gaming the system, and to make sure that this present crisis is never repeated.

We must also realize that this rescue plan has serious implications for future spending. We cannot dedicate more than a trillion dollars to rescue failing institutions, and then go right back to business as usual in Washington -- as if there were no end to the resources of government or to the patience of taxpayers. Therefore, as president, I will impose a one-year spending freeze on every agency of the federal government, excepting only national defense, the care of our veterans, and a few critical priorities. Leadership requires candor. And I will tell you bluntly that America is already ten trillion dollars in debt, and to make our economy strong again we must reduce the burden of federal spending. We cannot tax our way to prosperity. I am committed to billions in spending reductions that will balance the budget, and get us on the path away from ruinous debt.

Listen to the audio here:

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