In an ad released on September 18, 2008, John McCain, a tax cut and spend Republican, resurrects the ancient tax and spend, he’s too liberal argument against Obama.  As stated in this Salon article:

In an ad released Thursday, the McCain camp falls back on the old “tax-and-spend liberal” argument. “Obama and his liberal congressional allies want a massive government, billions in spending increases, wasteful pork,” the ad’s narrator says. “And we would pay — painful income taxes, skyrocketing taxes on life savings, electricity and home heating oil. Can your family afford that?”

The ad is less than truthful. Independent experts say Barack Obama’s plan would amount to a net tax cut for most people.  The Tax Policy Center has found that Obama’s plan would “produce a tax cut for 81.3 percent of all households, and a cut for 95.5 percent of all households with children.”
The Republicans have no right to complain about spending increases.   Federal spending and the Federal Debt have increased more during President’s George W. Bush’s tenure than at any other time in US history.

The National Debt is over $10 trillion ($10,000,000,000,000).   This debt works out to about $32,787 for every person in the US.  The proposed $700 billion banking bailout will add another $2,300.  The Fiscal Year (FY) 2008 interest on the of debt is expected to be $431,270,863,309 (or $431 billion). The total Federal Budget is expected to be $2.9 trillion, interest on the debt is about 15% of the total.  The top four Fiscal Year 2008 (estimated) expenditures are:

$709 billion: Health and Human Services
$656 billion: Social Security Administration
$607 billion: Department of Defense
$459 billion: Interest on debt

The recent economic crisis will cause our Federal Debt to grow even faster.  We need to stop running deficits and pay down the debt.  No more tax cut and spend.