John McCain’s economic plan is centered on getting the government’s budget and spending practices under control, according to his campaign Web site. He promises a balanced budget at some point during his first term by reducing spending, he said during a CBS interview.

He says his policies will promote a stronger dollar, reducing the price of oil.

The Bush tax cuts, which are set to expire in 2010, should be kept in place, McCain says, to help support the economy. He also supports cutting the corporate tax rate to 25%.

Housing:

McCain’s campaign Web site says “No taxpayer money should bail out real estate speculators or financial market participants who failed to perform due diligence in assessing credit risks. Any assistance for borrowers should be focused solely on homeowners and any government assistance to the banking system should be based solely on preventing systemic risk.” However, he did support and vote yes on the Rescue Plan, passed by Congress and signed into law by President Bush.

McCain supports increased accountability and transparency to prevent a similar credit crisis from returning in the future. He also wants the Department of Justice to investigate any criminal activity in the mortgage sector.

The candidate proposes a new “HOME Plan” to help those who were hurt during the crisis. According to the campaign site, “every deserving American family or homeowner will be afforded the opportunity to trade a burdensome mortgage for a manageable loan that reflects their home's market value.”

McCain has said, however, that he opposes huge increases in government spending to renegotiate existing mortgages and the programs he proposes would not allow people who borrowed too much money for their homes or are unlikely to meet the terms of a new mortgage.

See McCain: On Rescue Plan, Bailouts for more information on recent events, including the Rescue Package.

Social Security and Medicare:

John McCain said during the presidential debates that he will work with Democrats to solve the Social Security problem. His campaign site says he wants to save Social Security and believes this can be done without raising taxes.

The senator says the growth in Medicare spending is a threat to the nation’s economy, but that his health care reforms will slow this growth, according to the campaign Web site.

He said during the presidential debates he believes any meaningful changes to these entitlement programs need to be the product of bipartisan negotiations.

WATCH: Saving Social Security

Trade:

McCain is in favor of opening new trade markets and supports free trade pacts with Columbia, South Korea, and Panama. He would also like to negotiate a new free trade pact with the countries in the European Union, according to a Reuters report.

The Senator opposes changes to the North American Free Trade Agreement and calls himself an "unashamed and unabashed defender" of NAFTA, according to a report in the National Journal, while his opponent, Barack Obama, said he believed the agreement was a mistake because it lacked enforceable labor and environmental provisions.

In a speech to the Economic Club of Toronto, McCain said, "Since the agreement was signed, the United States has added 25 million jobs and Canada more than 4 million."

On China, during a summit in Michigan, McCain said we need to make sure China trades fairly and that World Trade Organization agreements are enforced to make sure imports from there are safe.  He also said in an interview on PBS that he believes the Chinese should be taken to court if they're violating international intellectual property rights.

Workers:

McCain said during the Republican National Convention he supports providing income assistance and providing job training in partnership with community colleges to workers who have been displaced or "left behind in the changing economy" who end up with jobs that pay less.

The senator has recently proposed eliminating taxes on unemployment benefits in light of the current financial turmoil.