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McCain: A Third Party Will Rise if We Don't Listen to America

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Sen. John McCain (R-Ariz.)

Sen. John McCain, R-Ariz., says he will support President Obama's tax cut compromise, even though he's not happy about all the pork and earmarks being loaded into it. In fact, McCain predicts that if Congress keeps it up, Americans will be so upset by the fiscal irresponsibility, they will elect third party.

"Unless we satisfy the message of this last election, you will see the rise of a third party," McCain told Fox News on Saturday.

He went on to say most Americans think Congress has not responded to the message voters sent this election.

"Stop the spending, keep the taxes low, end the corruption, have some fiscal discipline, and start making some tough decisions about this debt that we have laid on every man, woman and child in America," he said.

McCain says he thinks the tax extenders bill will pass, but adds, "The Tea Partiers and the majority of Americans will justifiably feel betrayed" if Congress adds an omnibus appropriations bill, instead of keeping a clean bill.

He's particularly upset about an extension for an ethanol tax credit that has been wrapped into the Senate's tax-cut package. The bill would extend a 45 cent per gallon ethanol tax cut credit for two years, which McCain calls unacceptable.

"I've been an opponent of ethanol forever," McCain said. "I went and campaigned and lost in Iowa, campaigning against ethanol subsidies. They are an outrage, an incredible waste of tax payer dollars."

The ethanol subsidies are just one of several earmarks added to win the support of reluctant Democrats. There are also commuter tax breaks and incentives for using energy-efficient appliances in your home.

McCain says his support for the tax cut compromise is a bit reluctant, "Would I have written it differently? Yes, but I think at end of day we should vote this up, but look at spending bill that is going to be coming up right on the heels of this tax cut."