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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    Comments

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    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

    The comments to this entry are closed.

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