Reid went on to outline Obama’s plan to remedy that under-taxing: "Obama wants to end the Bush tax cuts for people making more than $250,000 a year and use the money for a tax cut for the middle class." Reid also mentioned John McCain’s economic team: " John McCain is also tapping the minds of business leaders, including Carly Fiorina, former CEO of Hewlett-Packard and Meg Whitman, former head of ebay. They briefed reporters Monday on the importance of tax cuts for business."
Reid later described McCain’s energy policy: "But even the best minds don't have sure-fire short-term answers for high gas prices. Touring an oil field in California Monday, John McCain talked about his new found support for increasing off-shore drilling." After a clip of McCain was played in which he argued: "within a matter of months they could be getting additional oil" Reid immediately followed up with the Obama campaign’s response: "But ask Barack Obama's experts and they'll tell you it will take at least seven years."
In addition to comparing the economic policies of Obama and McCain, the segment also took the usual doom and gloom approach to describing the state of the economy as co-host Maggie Rodriguez declared: "Economy on the edge. The Dow plummets. Oil rises. And a record budget deficit looms. How the struggle is changing the game in the race for the White House." Reid later concluded his report by observing: "And of course it's not just gas prices. There's the housing crisis, the struggling stock market, job losses and now a record-breaking deficit. It's going to take all the experts that John McCain or Barack Obama can find. Maggie." Rodriguez replied: "And then some."
Here is the full transcript of the segment:
7:00AM TEASER:
MAGGIE RODRIGUEZ: Economy on the edge. The Dow plummets. Oil rises. And a record budget deficit looms. How the struggle is changing the game in the race for the White House.
7:01AM SEGMENT:
MAGGIE RODRIGUEZ: But first, the economic outlook facing the country and its impact from Wall Street to Washington. CBS's Chip Reid will have a look at how John McCain and Barack Obama have been forced to assemble high-powered economic teams. But we begin with Deirdre Bolton of Bloomberg Television on the struggling markets. Good morning, Deirdre.
DEIRDRE BOLTON: Good morning, Maggie. Well, everyone wants the financial crisis to be finished but it's going to take a very long time to dig out of this hole. That's what one money manager told us. And if you look at what the markets did on Monday, seems like he's right. Take a look, there was a huge sell-off, the Dow lost more than 200 points. That is the second time in three days. Part of the gloom cast by comments by the IMF, the International Monetary Fund, the organization said there is no end in sight to the housing slump. Merrill Lynch is just one example of a business still reeling from its investments in housing. The securities firm is so desperate to get rid of its portfolio of mortgage-related bonds, it is selling them for 22 cents on the dollar. Market conditions are also pretty much forcing Merrill Lynch to sell more stock in its company. Now, later this morning we are going to get additional data on housing and on consumer confidence. Not too many people, though, expect good news. In fact, that consumer confidence reading may log a new 16-year low. So, Maggie, not too many bright spots out there at the moment. We hand it back to you.
RODRIGUEZ: Alright, Deirdre Bolton of Bloomberg TV, thanks Deirdre. Now to the presidential candidates gearing up to deal with the struggling economy. CBS News Capitol Hill correspondent Chip Reid has that part of the story. Good morning, Chip.
REID: Well, good morning, Maggie. After a week of focusing on foreign policy, John McCain and Barack Obama have turned their attention to the economy. And they're looking for help from some of the biggest names in the world of business. Barack Obama met with his team of economic advisers Monday.
BARACK OBAMA: This group includes leading figures from business and labor, former cabinet secretaries and former Fed chairman, Democrats and Republicans.
REID: But there's one who couldn't make it and had to put in his two cents by phone.
OBAMA: Warren, are you on?
WARREN BUFFETT: I'm here, I'm here.
REID: Warren Buffett, the richest man in the world. Despite his billions, he says the rich are under-taxed.
BUFFETT: I think we ought to take a little more out of the hides of fellows like me.
REID: Obama wants to end the Bush tax cuts for people making more than $250,000 a year and use the money for a tax cut for the middle class. John McCain is also tapping the minds of business leaders, including Carly Fiorina, former CEO of Hewlett-Packard and Meg Whitman, former head of ebay. They briefed reporters Monday on the importance of tax cuts for business.
CARLY FIORINA: Small business is the engine of growth in this economy.
REID: The two candidates trying to one up each other.
EAMON JAVERS: Each one wants to demonstrate that he's prepared to lead the economy and he's got the ear of some of the top thinkers in economics.
REID: But even the best minds don't have sure-fire short-term answers for high gas prices. Touring an oil field in California Monday, John McCain talked about his new found support for increasing off-shore drilling.
MCCAIN: There are some instances within a matter of months they could be getting additional oil.
REID: But ask Barack Obama's experts and they'll tell you it will take at least seven years. And of course it's not just gas prices. There's the housing crisis, the struggling stock market, job losses and now a record-breaking deficit. It's going to take all the experts that John McCain or Barack Obama can find. Maggie.
RODRIGUEZ: And then some. CBS's Chip Reid in Washington. Thank you, Chip.
