EconomyWith the recent meltdown on Wall Street, the home mortgage crisis and an increasingly tough job market, the economy is a top concern for Americans. $700 billion was recently allotted as a "rescue plan" for Wall Street, and was supported by both Obama and McCain. Both recognize the need to reform government's spending habits, but each have different ways of doing so.
Economy News
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Democratic Stand on Economy
Barack Obama
Obama advocates more oversight of investment banks, and proposes an "economic rescue plan" which would include tax cuts to households earning less than $250,000. In wake of the recent economic downturn, he has also proposed measures such as temporary tax credits for firms that create jobs in the US and a 90-day moratorium on foreclosure for homeowners who are making "good faith" efforts to keep up their payments. As for long term plans, Senator Obama plans to invest $15 billion a year in renewable energy and the rebuilding of infrastructure, which would create seven million new jobs.
News Articles
- Honoring and Thanking our Nation's Veterans (0 comments)
- Honoring and Thanking our Nation's Veterans (0 comments)
- Obama: Iraq Election Law an "Important Milestone" - Voice of America (0 comments)
- Op-Ed Columnist Who Are You Calling a Narcissist, Rush? - New York Times (0 comments)
Republican Stand on Economy
John McCain
Senator McCain calls for a spending freeze on everything but defense, veteran affairs and entitlement programs. To help homeowners in crisis, McCain has proposed to buy up distressed mortgages and refinance them at lower values as well as tax-free unemployment benefits for two years. For a long-term economic recovery, McCain plans to keep taxes low, retaining the tax cuts made by President Bush and increasing tax breaks for companies to encourage investment.
News Articles
- McCain, Peters spar via e-mail on Chrysler's fate - Detroit Free Press (0 comments)
- WSJ CEO COUNCIL: McCain Seeks Small-Business Help - Wall Street Journal (0 comments)
- REPORT: Senator John McCain doesn't believe Chrysler will make it - Autoblog (blog) (0 comments)
- McCain: Chrysler Unlikely To Survive - Inside Line (0 comments)

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