Obama Statement on Trade Deficit Increase

Chicago, IL - Senator Obama released the following statement today in response to the news of the trade deficit increase.

Today we learned that the trade deficit jumped to its highest level in 13 months. This is not an accident. This is yet another sign of the failed economic policies of the Bush administration that John McCain seeks to extend — policies that reflect unprecedented fiscal irresponsibility and borrowing from abroad. Rather than get America's fiscal house in order, Senator McCain is proposing $300 billion more in tax breaks and loopholes for big corporations and the wealthiest Americans, and he hasn't explained how he'd pay for them. Just this week, John McCain reaffirmed his commitment to special interest-driven economic policies that will widen the trade deficit, but won't help American automakers secure fair treatment in South Korea, and won't ensure that China stops devaluing its currency and tilting the playing field against American workers. As President, Barack Obama will stand up for fiscal responsibility by restoring fairness to our economy, investing in a renewable energy future, and adopting a trade policy that serves the interests not just of multinational corporations but of America's hardworking families.