McCain's views on the economy obviously flawed

So I've read a lot today on McCain since I didn't know a lot about his policies. I've come to one conclusion. His plan is flawed for our economy. McCain wants to cut taxes, which will stimulate the economy, yes... but how much? Most of the money we would have used to pay taxes would (should) go to paying off debts that we already have and not go back into the economy. He is not worried about balancing the budget. I mean, come on. Our country is trillions of dollars in debt thanks to President Bush. Here is a quote from The Raw Story (which I found to be a very enjoyable site by the way) "'The goal right now is to get the economy going again,' the GOP presidential nominee-in-waiting said on ABC's "This Week," adding that he would put the country "on a path to a balanced budget" by attacking wasteful spending." Okay, so let's attack wasteful spending. Let's get the majority of our troops out of Iraq. (We all know McCain won't do this, he is happy with the war and it seems that if he is president, our presence will be known in the Middle East for the minimum of 4 years that he will be in office) The Iraq war has cost us trillions and trillions of dollars, and I think it's time that we try to ween the control over to the Iraqi government.
McCain's senior policy adviser, Douglas Holtz-Eakin, can even be quoted saying "It will make deficits expand up front, no question." (Quote from the Washington Post website) In conclusion, McCain, who has said that he is happy with the progress the economy has had under President Bush, has to get some better ideas under his belt for the economy, or a lot of people aren't going to be happy. (Especially since if this happens, the dollar will continue its downfall)
Sources: The Raw Story and The Washington Post