McCain hosts town hall to talk economy, hobbits

GILBERT - Arizona Sen. John McCain held a town hall in Gilbert this morning and the economy took center stage.

The town hall was focused on the nations' economic troubles and McCain said the on-going financial problems would be much greater had Congress not passed a bill to keep the country from defaulting on its debt.

McCain said he is very concerned with the recent S&P downgrade of the United States' credit rating and views it as a wake-up call to the nation.

"It will cost more to borrow money and it is a very serious situation," McCain said.

McCain also expressed his disapproval of certain Tea Party members who demanded that Congress pass a balanced budget amendment before they would act on the debt ceiling before the deadline.

"It's unrealistic and unfair to the American people to tell them that we have to pass a balanced budget amendment to the Constitution before we would act," McCain said.

The Tea Party has taken offense with McCain, who recently was quoted in a Wall Street Journal editorial calling Tea Party members hobbits. Many people in the audience came to the town hall to express their anger at McCain's comments and ask for an apology.

McCain refused to apologize to Tea Party members.

"I am sorry if it was misunderstood. I am not sorry for what I said," McCain said. "I mean, why should I when it's a fact? But if it was misunderstood, I'm sorry."