Changes

===Economy===

===Economy===

McCain is a staunch advocate of freedom in the [[economy]]. He has spent his career fighting for deregulation and the prosperity of a free market. In 1999, McCain voted in favor of the Gramm-Leach-Bliley Act, which passed in the Senate by a vote of 54-44.<ref>http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105</ref> The bill promoted more freedom for banks, brokerage houses, and insurance companies. In 2002 he voted for the Sarbanes-Oxley Act, which passed the Senate without opposition.<ref>http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&session=2&vote=00192</ref> In 2005 McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act which would allow the office of Federal Housing Enterprise oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over Federal Home Associations. McCain said the following on May 26th, 2006:

Upon the Republicans gaining office in 2001, McCain opposed a $1.35 trillion cut in [[taxation]] over 10 years, but switched his position around 2006, and voted to renew it twice. The plan included the objectives of doubling the child tax credit from $500 to $1,000, reducing the tax penalty on [[marriage|married couples]] and fully repealing the [[Estate tax|tax on estates]]. A [[United States Senate]] Finance Committee Report estimated that with all the planned reductions fully phased in, the average family of four making $50,000 would save $1,825 per year.<ref>[http://archives.cnn.com/2001/ALLPOLITICS/06/07/bush.taxes/ $1.35 trillion tax cut becomes law], CNN, 21 June 2001</ref>

''"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that [[Fannie Mae]] and [[Freddie Mac]] pose to'' ''the housing market, the overall financial system, and the economy as a whole."'' <ref>http://beltwaysnark.com/2008/09/16/john-mccain-supported-a-proposal-for-an-agency-to-oversee-fannie-and-freddiein-2005/</ref>

Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

Congress did not act, with the bill dying in committee.

During this same time period, spending mandated by Congress has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, McCain has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]].  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

 

McCain's policies have caused general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> McCain supported a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included McCain's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.

===Earmarks===

===Earmarks===