UPDATE: From McCain Spokeswoman Jill Hazelbaker: "We share the President's concern over the slow pace of growth in the overall economy and clear pockets of distress and applaud his stance that the government cannot spend its way to prosperity.Tax cuts that improve business competitiveness and investment incentives are clearly desirable. The current debate is over temporary changes -- these would be even more powerful if they changed the basic flaws in our tax code - cut the corporate rate, expense equipment investment, and permanent R&D credit. We need to create more jobs; jobs that won't go away. Keeping money in the hands of middle-class Americans will help those families and support economic growth. But let's do it now and forever."