McCain answers Obama with his own economic plan

Turkmenistan News.Net
Tuesday 14th October, 2008

With potential voters turning out in droves for Barack Obama, US Republican presidential candidate John McCain has set out to bring a new phase to his campaign, by unveiling expensive policies to aid middle class Americans.

In a $52.5 billion plan the 72-year-old Arizona Senator has called for the elimination of taxes on unemployment benefits, lowering taxes in drawings from retirement accounts and accelerating tax deductions for people forced to sell assets at a loss in economic crisis fire-sales.

At a meeting in Philadelphia he also said that as president, he would guarantee 100 percent of all savings for the next six months.

Democrat, Barack Obama, on Monday produced his own economic plan for a 90-day moratorium on home mortgage foreclosures and tax breaks to businesses that create new jobs.

Obama’s spokespeople have already criticized the new McCain package by saying it would not strengthen the economy, would provide no tax relief at all to 101 million families, including 97 percent of senior citizens, and would do nothing to cut taxes for small businesses or give them access to credit.

McCain's candidacy has been under pressure since voter anxiety rose over the country's economic problems and his past links with unpopular fellow Republican, President George Bush.

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