WASHINGTON, Aug. 12 (UPI) -- The unexpected small drop in the U.S. trade deficit in June announced by the Commerce Department Tuesday provided fodder for the presidential race.
The Hill reported the trade deficit was $56.8 billion in June, down from $59.2 billion in May.
Democratic presidential hopeful Sen. Barack Obama's campaign used the news to hammer his Republican rival, Sen. John McCain of Arizona.
"While Senator McCain may believe that the small reduction in the trade deficit represents great progress in an economy he thinks is doing just fine, Barack Obama believes that America can do better than a $693 billion trade deficit over the last year," said Jason Furman, the Illinois senator's economic policy director.
Even though the trade deficit shrank, it is still "massive," Furman was quoted as saying.
"Instead, we need to change our economic policies by investing in education, new energy jobs, and technology so that we can strengthen the productivity of our workers and businesses; by enforcing our existing trade agreements and negotiating better trade agreements; and by reducing record budget deficits and raising low savings rates so that America does not have to borrow hundreds of billions of dollars annually from abroad," Furman said.
