Biden: McCain shielded offshore tax loopholes

WOODBRIDGE, Va. (AP) -- Democratic vice presidential candidate Joe Biden says Republican John McCain has protected offshore tax shelters worth billions of dollars to U.S. insurance giants.

In his second trip in four days to this battleground state, Biden said McCain promised to oppose any efforts to close a "Bermuda loophole" where American companies shielded $4 billion to $7 billion from U.S. taxes.

That's money the U.S. government could use to fund health care for uninsured children, improve veterans benefits and improve roads and bridges.

His visit came as a new poll showed a close race between Obama and McCain in Virginia, a state that last backed a Democrat for president in 1964.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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