The axiom is as well-known as it is harsh: When the economy sinks, voters oust the incumbent party. That reality poses a tough challenge for Republican policymakers and campaign strategists alike. Even as economists on Wall Street and elsewhere are clamoring for more aggressive policies to reverse the slide in the housing and credit markets, the Bush Administration has largely rejected those calls. Yet if the White House fails to bolster the economy and alleviate the worst of the foreclosure crisis, the electoral prospects for Arizona Senator John McCain and other Republican candidates could grow dimmer by the day.
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