McCain: "Read My Flips, No New Taxes"

John McCain is repeating a line we've heard before - no new taxes:

WASHINGTON -- Republican John McCain says there will be no new taxes during his administration if he is elected president.

"No new taxes," the likely GOP presidential nominee said during a taped interview broadcast Sunday.

McCain told ABC's "This Week" that under no circumstances would he increase taxes, and added that he could "see an argument, if our economy continues to deteriorate, for lower interest rates, lower tax rates, and certainly decreasing corporate tax rates," as well as giving people the ability to write off depreciation and eliminating the alternative minimum tax.

McCain was defending his support for an extension of tax cuts sought by President Bush, which McCain voted against. The Arizona senator now says allowing the tax breaks to expire would amount to an unacceptable tax increase.

McCain's "no new taxes" statement marked a turnaround. Last September, he was forced to defend his refusal to sign a no-new tax pledge offered by the conservative Americans for Tax Reform.

"I stand on my record," he said during a televised debate in Durham, N.H. "I don't have to sign pledges."

McCain voted against President Bush's tax cuts when initially proposed. He now supports them. Will his committment to "no new taxes" remain firm?