John McCain has pledged to balance America’s books within four years of taking office, prompting howls of derision from Barack Obama’s campaign at the start of a week in which both candidates will focus on the faltering US economy.

The Republican nominee, who has struggled to wrest the spotlight away from Mr Obama recently, was reverting to promise he had apparently abandoned back in April when he said that it might take two terms to achieve such a goal.

“American workers and families pay their bills and balance their budgets, and I will demand the same,” he said yesterday. “A government that spends wisely and balances its budget is a catalyst for economic growth and the creation of good and secure jobs.”

His advisers later confirmed plans to “bring the budget to balance by 2013”.

Measures outlined in a 15-page document to “put the fiscal house in order” would include reforming social security, which President Bush failed to do, as well as using money saved from “victory in the Iraq and Afghanistan operations” for deficit reductions.

The budget was in surplus when Bill Clinton left office in 2001 but is expected to be $410 billion (£205 billion) in the red this year. Jason Furman, Mr Obama’s economics adviser, described the pledge as preposterous, pointing out that the deficit was projected to grow to $443 billion by 2013 if Mr Bush’s tax cuts - which Mr McCain now supports - are extended.

Mr Obama is this week seeking to build an empathy - that was often missing during his Democratic primary campaign – with American families who are feeling the pain of $4-a-gallon petrol prices and rising economic insecurity. “You’re working harder than ever to pay bills that are getting bigger than ever and there’s not much left over at the end of the month. You’re trying to juggle the demands of work and family,” he said. “You’re driving less and saving less. You’re worried about the value of your home and whether you’ll be able to afford college for your kids and still retire at a decent age.”

Extending tax cuts “for big corporations and multimillionaires” would do little to ease the plight of the middle-class, said Mr Obama. Instead, they would increase the national debt by $2 trillion to $3 trillion. “If this sounds familiar, it’s because it’s exactly what George Bush has done for the last eight years,” he added. “It hasn’t worked, it won’t work, and it is time to try something new.”

Mr McCain said that Americans were having a “tough time”, adding: “If you believe you should pay more taxes, I am the wrong candidate for you – Senator Obama is your man. When you raise taxes in a bad economy you eliminate jobs. I’m not going to let that happen.” Speaking in Denver, Colorado, he cited the success of Crocs, the outdoor footwear company, that was started five years ago but now employs 600 people in the state and sells its products to 90 countries. Mr Obama’s hostility to free trade deals would “build barriers” for such firms and have a “devastating effect” on the US economy, he said.

Mr Obama had his own news for Colorado, announcing that he would deliver his acceptance speech in a 75,000-seat stadium in Mile High, just outside Denver, where the Democratic convention will be held. The event, on August 28, will be given added historical resonance by coinciding with the 45th anniversary of Martin Luther King’s “I Have a Dream” speech. Not everything, however, is going according to plan for Mr Obama. His remarks on the economy were supposed to have been delivered in North Carolina, but his aircraft was forced to land instead in St Louis, Missouri, after technical problems in mid-air.

Times Recommends

• Rio Tinto four held as China prepares case
• Diplomats must keep heads down and trousers up
• When in Rome should one make like Berlusconi?