Republican John McCain says there will be no new taxes during his administration if he is elected president.
"No new taxes," the likely GOP presidential nominee said during a taped interview broadcast Sunday.
McCain told ABC's "This Week" that under no circumstances would he increase taxes, and added that he could "see an argument, if our economy continues to deteriorate, for lower interest rates, lower tax rates, and certainly decreasing corporate tax rates," as well as giving people the ability to write off depreciation and eliminating the alternative minimum tax.
McCain was defending his support for an extension of tax cuts sought by President Bush, which McCain voted against. The Arizona senator now says allowing the tax breaks to expire would amount to an unacceptable tax increase.