McCain says economy in crisis

WASHINGTON - Republican presidential nominee John McCain, who only a week ago said the economy was fundamentally sound, now says the U.S. financial system is facing a major crisis.

Speaking Monday on NBC's "Today" show McCain said, "We are in the most serious crisis since World War II."

He also said that despite the ballooning national debt he would not raise taxes if elected president.

McCain said "history shows us that if you raise people's taxes in tough economic times that makes problems worse."