Skip to main content

60 Minutes Starts Clock on ‘Recession’

CBS said there is at least one thing the two presidential candidates agree on: This is a recession.

CBS has interviews with both Sens. Barack Obama (D-Ill.) and John McCain (R-Ariz.) slated for Sunday’s edition of 60 Minutes, which is celebrating 40 years on TV.

"Both presidential candidates … say the economic term applies to the current troubles." CBS said in a release Friday, "and lay out their plans to solve the situation if they are elected."

"I think there's no doubt that … when the numbers come out, that we are officially in recession," CBS quoted Obama as saying.

McCain qualified it somewhat by saying that he wasn't sure about whether it met the "technical" definition, but it was a recession by the measure of lost jobs, falling wages and people hurting "very, very badly."

McCain earlier this week said he thought the economy was fundamentally sound, but he followed up after the financial meltdown continued by saying he meant that what was sound was the American worker, but what was not was the top of that financial food chain.