McCain Says He'll Support Obama Budget-Cutting

Sen. John McCain says he will support President Barack Obama's effort to cut federal spending, but that it won't work unless Obama shows a willingness to veto pork-barrel spending.

Amid indications the administration will announce plans this week to cut domestic spending in its budget proposal, McCain said "we need to do so."

But in his appearance on ABC's "Good Morning America," the Arizona Republican said that Obama "has got to veto bills that are laden with pork-barrel spending, earmarks."

He also said he's determined to vote against another term for Fed chairman Ben Bernanke, "because I believe he was the captain of the ship when it hit the iceberg. He was there at the casino when all the gambling went on and he didn't do anything about it."