Obama and Clinton Criticize Bush's Handling of the Economy

Democratic presidential hopeful Sen. Barack Obama D-Ill., speaks about race during an address in Philadelphia, Tuesday, March 18, 2008. (AP Photo/Alex Brandon)
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Monaca, Pa. (AP) Barack Obama says the government should cut middle class taxes this year to help the troubled economy.

Both Obama and rival Hillary Rodham Clinton are criticizing President Bush for failing to take the lead in addressing the nation's economic woes.

During a town hall meeting today at a community college near Pittsburgh, Obama said the “economy is in shambles.” he wants the economic stimulus package signed by Bush to be supplemented by tax cuts this year.

Clinton says this is a time of economic “stress and uncertainty.” she adds that there is an “urgency to continue the action that was started yesterday.”

The comments come after the Federal Reserve’s approval of a $30 billion loan that helped JPMorgan Chase in its take over of financially strapped Bear Stearns.

Both candidates say the fed has made the right moves to stabilize the country's financial markets.