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...spending spree. That will most likely mean reducing outlays and raising taxes in the future. But neither presidential candidate can convincingly argue that a balanced budget is possible in the next few years. Both are advocating economic programs that will probably increase the deficit even more. Republican candidate John McCain is calling for some $52 billion in economic recovery spending, while Democratic candidate Barack Obama's plan would cost roughly $175 billion. Both McCain and Obama have vowed to cut taxes, which is likely to drive the deficit higher...

Author: /time Magazine | Title: Spend, Baby, Spend: US Budget Deficit to Soar Again | 10/20/2008 | See Source »

...gala that raises funds for the Archdiocese of New York and has become an essential social ticket for the city's political and media class - will be remembered as a rare cease-fire moment in the heated 2008 presidential campaign. Exchanging rolled-up shirt sleeves for white ties, John McCain and Barack Obama cracked each other up on topics that usually result in outraged press statements when raised on the campaign trail. "I got my name, Barack, from my father," deadpanned Obama, "and I got my middle name from somebody who obviously didn't think I'd ever...

Author: /time Magazine | Title: How Catholics Are Judging Obama and the Democrats | 10/18/2008 | See Source »

...positions on education and health care and the war in Iraq. This realization is reflected in changing party identification - as of this past February, 41% of Catholic voters called themselves Independents, an 11-point increase since 2004. And in opinion polls, Catholics are evenly divided between Obama and McCain...

Author: /time Magazine | Title: How Catholics Are Judging Obama and the Democrats | 10/18/2008 | See Source »

...life Catholics have also spoken out to argue that Obama's support for an abortion reduction strategy - which he mentioned in both his acceptance speech and in the third presidential debate - makes him a more "pro-life" candidate than McCain. The GOP's single focus on overturning Roe, they argue, ignores the progress that could be made in lowering the abortion rate through changes in economic policies and by reforming adoption laws. Most recently, two high-profile Obama supporters - former Reagan Justice Department official Douglas Kmiec and actor Martin Sheen - have filmed a series of short videos making this case...

Author: /time Magazine | Title: How Catholics Are Judging Obama and the Democrats | 10/18/2008 | See Source »

...year like 2008, when the economy trumps social issues, Catholics are most likely to return to their roots in the Democratic Party. And that's particularly true when they hear fellow Catholics arguing that Democrats reflect their religious values. McCain may have gotten a longer standing ovation on his way to the podium at the Al Smith Dinner and dropped references to "defending the rights of the unborn" in among his jokes. But it was Obama who won over Al Smith IV, the event's emcee and great-grandson of the historic candidate. "Awesome," Smith told Obama after the Democrat...

Author: /time Magazine | Title: How Catholics Are Judging Obama and the Democrats | 10/18/2008 | See Source »

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