Obama: Here's My Economic Plan

Determined to keep the campaign spotlight on the economy, Sen. Barack Obama (D-Ill.) has added $60 billion in new tax breaks and other benefits to his economic stimulus plan and will urge Congress to act quickly after the election to provide middle-class relief, The Post's Shailagh Murray and Paul Kane report from Toledo, Ohio.

While his opponent, Sen. John McCain (R-Ariz.), has reportedly considered but not yet spelled out additional economic recovery steps, the Democratic nominee is expected to outline several new proposals at a speech here this afternoon. They include:

  • A temporary tax credit for firms that create jobs in the United States.

  • Penalty-free 401(k) and IRA withdrawals through 2009, to allow struggling families to withdraw up to 15 percent of their savings, up to $10,000.

  • A 90-day foreclosure moratorium for homeowners making "good-faith efforts" to keep up with their mortgage payments.

  • Creating a new entity to lend to state and local governments, allowing for an effort similar to the liquidity assistance that the Federal Reserve recently extended to commercial banks.

  • The temporary elimination of taxes on unemployment insurance benefits.

    Continue reading at The Trail»

    -- Frank Ahrens

    October 13, 2008; 3:02 PM ET  | Category:  business
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    Please email us to report offensive comments.

    If it's good for old people, I'm all for it. You have Grandmothers out there and they have Grandchildren to think about. We got $2 trillion in retirement losses and that's a huge problem. Where would we be without our Grandmothers?

    Posted by: Night Mayor | October 13, 2008 3:17 PM

    Hello Jesus!!! on the ability to withdraw IRA funds, penalty free. I'm a couple of years shy of 59.5, and I saved those funds for just such an occasion as I'm facing now. Would rather be able to access funds that are not part in equities at this time, as I should not sell at their lows. PTL, and pass the Obama.

    Posted by: kate | October 13, 2008 4:44 PM

    Posted by: benq11 | October 14, 2008 12:45 PM

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