McCain: Wall Street is lending 'villain'

WASHINGTON, July 27 (UPI) -- Sen. John McCain, R-Ariz., said Sunday that Wall Street is the "villain" when it comes to the subprime lending crisis that has hurt the U.S. economy.

The presumptive Republican presidential nominee said on "This Week with George Stephanopoulos" that both Wall Street and Congress were partially to blame for the nation's ongoing economic problems.

"I think that Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on," McCain said. "But I also think the Congress is at fault. We didn't restrain spending. Spending got completely out of control."

McCain also said if he were elected president in the upcoming general election, he would offer increased tax exemptions and limit unnecessary government spending.

"Well, I would give every family in America double their exemption for -- on the child tax and children's tax, a dependent tax break, from $3,500 to $7,000," he told Stephanopoulos. "I would declare that we will scrub every agency of government and eliminate those that are not necessary. I will veto every single pork barrel bill that comes across my desk and make them famous."