Obama Addresses How He Plans to Attack High Gas Prices

Democratic presidential candidate Barack Obama gave a speech in Raleigh, North Carolina today in which he addressed the current situation regarding the constantly increasing gas prices, according to Reuters. Obama cited in his speech how his idea differs drastically from his opponent, Republican presidential candidate John McCain, in terms of how it relates to the overall state of the economy.

Obama explained to his audience that he plans on imposing what he referred to as a windfall profits tax on oil companies in the United States. According to Reuters, the Democratic candidate went on to explain that the money from the taxes would be used to assist families with their payments of energy costs and other bills.

Obama said Monday, "If John McCain's policies were implemented, they would add $5.7 trillion to the national debt over the next decade. That isn't fiscal conservatism, that's what George Bush has done over the last eight years." Obama also mentioned McCain's support for President George W. Bush's corporate tax cuts being extended in coming years, which he implied would cripple the economy further.