STAUNTON -- Picking a conservative running mate will be crucial to presumed Republican presidential nominee John McCain's hopes in November, Rep. Bob Goodlatte, R-Roanoke County, said Thursday.

"It's very important Senator McCain pick a vice president that will excite conservative Republican voters," Goodlatte said during a meeting with area business leaders.

Goodlatte echoed concerns circulating through conservative talk radio and the blogosphere over speculation that McCain might tab Sen. Joe Lieberman, a Connecticut independent and former Democrat, or Republican Tom Ridge, a moderate whose abortion-rights stance riles the right.

Goodlatte pointed to polls in recent days that show McCain picked up a bounce from his performance in a forum at California's Saddleback Church. That was fueled by McCain's sharply conservative responses to questions fielded by Saddleback Pastor Rick Warren.

A Reuters/Zogby poll Wednesday showed McCain leading Democrat Barack Obama by 5 percentage points. Other polls showed the race as a tossup. Obama had led polls through most of the summer.

Goodlatte said he expects McCain to continue to build a margin over Obama as "he spells out the differences and points out the gaps in experience" between himself and the Democratic nominee.

The new president will face considerable economic challenges, Goodlatte said.

Goodlatte has introduced legislation calling for a balanced budget amendment to the Constitution. Goodlatte has been a frequent critic of President Bush's failure to rein in spending.

He said the current $9 trillion national deficit has multiple negative effects on the U.S. economy that include a weakened dollar and lowered ability to serve the needs of this country.

And Goodlatte said several federal tax increases due to take effect in the next few years should probably be postponed because of the weaker economy.

The expiration of a lowered capital gains tax and other increases should not happen now, he said.

"As the economy struggles, it is not a good time to put tax increases in effect," he said.

Goodlatte said he also voted against legislation that is now law that offers billions of dollars in investments and loans to the country's two largest mortgage companies, Freddie Mac and Fannie Mae.

"This is legislation that gave the secretary of the treasury a blank check," Goodlatte said.

The congressman said the legislation offered financial relief for "bad decisions" and for loans that were made to some people who should not have gotten them.

Goodlatte said it is unfair to ask taxpayers to pay for such a bailout.