Obama Has New Economic Proposals

Democratic Nominee Calls For 90-Day Moratorium On Foreclosures, Tax Break For Businesses That Create Jobs

(CBS/ AP)  Democrat Barack Obama proposed more immediate steps Monday to heal the nation's ailing economy including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs.

With the economic turmoil weighing down his Republican presidential rival, Obama also proposed allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next.

The Democratic presidential candidate said his proposals, with a price tag of $60 billion over two years, can be enacted quickly, either through the government's regulatory powers or legislation that Congress could pass in a special session after the election.

"I'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners," Obama told a crowd of 3,000. "It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S."

"By offering up some new proposals that build upon those he’s already put forward or supported, Obama has shown some new flexibility to respond to a crisis neither candidate has been able to get a handle on" said CBSNews.com senior political editor Vaughn Ververs. "While short-term fixes seem to be all the rage, the long-term impact of them is not at all certain. But with just three weeks left in the campaign, the short term is all the two candidates are really worried about, for now."

Obama delivered his economic message in Toledo, a struggling blue-collar city in a state that could be critical to Obama's presidential hopes. Polls show a close race between Obama and Republican John McCain in Ohio, which decided the 2004 presidential election. At stake are 20 electoral votes.

His call for action comes just two days before the final debate of the presidential race and at a time when McCain is sending mixed signals about how he'll address the economy.

Sen. Lindsey Graham, a key McCain adviser, said Sunday the Republican candidate was considering a proposal to reduce taxes on investment, including a possible cut in capital gains taxes, but McCain offered no new economic proposals when he gave a new stump speech Monday morning promising a change in direction from the economic policies of President Bush.

McCain spokesman Tucker Bounds accused Obama of planning to raise taxes if elected, something that would "have a devastating effect" on the already-troubled economy.

Obama's plan calls for raising taxes only on the 5 percent of people who make more than $250,000 a year. The nonpartisan Tax Policy Center found that under Obama's approach the wealthiest 1 percent of taxpayers would see their taxes go up on average by $93,709 in 2009, For McCain, those same wealthy taxpayers would see an average reduction of $48,860.

Obama is proposing tax cuts for those making less than $200,000 a year.

Obama's latest proposals are in addition to other policies the Illinois senator has already offered as the stock market struggles, financial institutions wobble and tight credit chokes the economy.

Obama supported the $700 billion Wall Street bailout plan and endorsed the latest twist on it: the government buying ownership in major banks and partially nationalizing them to keep them afloat. He also calls for tax breaks for most families, cutting capital gains taxes for investment in small business and extending unemployment benefits.

Obama proposed Monday that banks participating in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

"We need to give people the breathing room they need to get back on their feet," he said, adding that families living beyond their means share some of the responsibility.

"Part of the reason this crisis occurred, if we're honest with ourselves, is that everyone was living beyond their means - from Wall Street to Washington to even some on Main Street," Obama said.

He also called for a $3,000 tax credit for each additional full-time job a business creates. That means a business that adds five jobs would get a $15,000 break. That would end after 2010 and would cost $40 billion, the campaign estimates.

Obama proposes letting people withdraw up to 15 percent of their retirement funds, to a maximum of $10,000, without the penalty that now applies to early or excess withdrawals. The change would apply retroactively to all of 2008, as well as 2009. People would still have to pay normal taxes on the money. He said letting people dip into their IRAs and 401(k)s would help them get through tough times when money is tight.

State and local governments face a money crunch, too, and Obama called for new federal short-term loans to help them through the crisis. He called it a "funding backstop" to ensure that states and cities can meet payroll or keep projects moving.

He ended the speech with a call for people to unite and make sacrifices, as America did during the Great Depression, until the economy is back on track.

"Together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes," Obama said. "We can do this because we've done it before."

[jennings501]

I''m a 53 year old white male and I''m tired of Rich, White Men running this country into the ground, warmongering and bailing out their rich buddies and coporations. Let''s do something different. I agree with MONET767. Enough!

[airboatboy1]

That makes a helluva lot more sense than most the plans and it could go into effect pretty quickly. Good thinkin'', Obama.

[repforbarack]

Obama Presents New Proposals For Economy
Democratic Nominee Calls For 90-Day Moratorium On Foreclosures, Tax Break For Businesses That Create Jobs

+1
These type of ideas are why Obama is da''man!

[palmstorm]

McCain is actually trying to hold it together after selecting a simpleton running mate and being surrounded by nasty rabid Right Wing Radio fans. These Floyd R. Turbo types would be less nasty and rabid had the Fairness Doctrine been in effect the last few months. Geez, I sure wish they''ll restore the Fairness Doctrine soon for a better, more information-rich public dialog rather than the disinformation-rich monolog choke-hold that pollutes our waste treatment facilities currently.

[gop_will_win]

I am a white Christian bigot mother of 6 and I will be voting for McCain without thinking.

[voter_08]

Bless you Obama! All that McCain does is throw hateful words and even when he tries to fix it, he sounds totally wrong.

The woman who asked McCain during a rally if Obama was an Arab and McCain said "No he is not, he is a decent family man %u2026." implied that Arabs may not be. This woman sounded so ignorant and I am afraid millions others are so deeply uninformed. What McCain and Obama and many in the media and press should explain is that "Arab" doesn''t mean "terrorist". Terrorists come in all shapes, forms and ethnicities. I have many Arab friends, born here and abroad, all of them are moderate Muslims and also Christians of all faiths. This should be explained clearly otherwise, people will equate Arabs to terrorists and that is unfair and dangerous.

Also, people who speak Arabic are not necessarily Arabs (only Arabian Gulf people really are). The rest of the Arabic countries come from different historical backgrounds (Lebanese = Phoenicians, Egyptians = Pharoses, etc.) So, let''s not lump all of these countries together and call them Arabs, especially not in the context of "terrorists". By the way, the Talibans are not Arabs, so let%u2019s just set the records straight.

[repforbarack]

He is merely proposing to put off the forclosures until after he gets elected - and as for those tax breaks, he knows the Democrat-controlled congress won''''t allow it. In fact, he will increase everyones taxes - but he won''''t admit to that until you put him in the White House.
Posted by OneAmerican7


Middle America is ready to take their chances.
Anything other than a neocon is the better option.
We''ve had 8 years of their madness.

[inventagod2]

Stick a fork in McSame, he''s done.

His buddies in Bu$hCo handed the presidency to Obama.

Oh, you RepugTrolls - find your rocks... Time to slime back into the dark for another 40 years.

[checkthepast]

I am a white Christian bigot mother of 6 and I will be voting for McCain without thinking.

Posted by gop_will_win

That''s funny! The retiring leader where I work is a white atheist yellow dog democrat father of 3 and will be voting the dem ticket without thinking.

I will be replacing him, but I will vote McCain after thinking.

[Michael Arnold]

If Obama SHOULD lose, Letterman and Conan will both have complete meltdowns.

[oscarez]

Obama is a good man. He cares about people. If you can''t vote for his black half then vote for his white half. I know I am voting for the whole man. I think John McCain is a good man who has server his country but his time has passed. Palin on the other hand is only self serving.

[inventagod2]

ShannonJane6 - one word...

Prozac

[nler1]

America is already Destroyed and Robbed by the Bushmaffia

[antoniof123]

ShannonJane6 you need medical help. If the GOP has gone this far down the drain they will never again see power in our life time.

And as a former Republican that suits me fine.

[robert2237]

what is this Obama now agreeing with McCain and the Rep on taxes for the business. Guess the polls showed that was what he need to say. What was it two weeks ago he was going to tax them heavy and give it to the non-working poor (ones that don;t want to work) now he is going to cut it. People this is what you are in for never knowing where he stands on a issue. Guess this is why he voted present to much couldn''t figure out what the polls were saying so present was a save vote. Well there is no present vote as President.

[dnsallday]

I really like that Barack Obama is looking at what the needs of this country are and what some of the options are for us. We are seriously going to have the streets covered with homeless and jobless people if we don''t take some real action here.

Meanwhile John McCain is still doing his rallys and bragging about himself and how great he and Sarah Palin are!
I don''t care about John McCain or Sarah palin! I care about this country and my neighbors!

[rebnrdu]

Barry hit the ball out of the park and touched on all the points, at the same time he''s touching all Americans. McCain, on the other hand, is a 72 yr old spoiled brat. Cindy McCain, who''s never transparent enough to tell if she''s broken into someone medication, has seriously broken the rules by opening her mouth. And now there''s Palin, the Alaskan Beauty Queen turned Politician. No offense but how her dad raised her to hunt just to put food on the table, no TV in the house, HS state basketball champs, runner up in the beauty pageant, the brother in-law taser issue then abusing her power for firing his boss for not firing him, her pregnant teenage daughter who''s now, with here boyfriend, dropping out of high school, 44 yr. old professional mother with a toddler and Snow mobile champ of a husband all adds up to bad news and I can foresee it blessing Bushes 8 yrs. It all adds up. If anyone''s unfamiliar with or confused about this countries demographics, makeup, ethnicities, cultures, races and religions it''s Sarah Palin. She''s not qualified and if God sees fit, we just might find out.

Obama/Biden 08

[liberalme]

Obama doesn;t care about the poor and the middle class look at his voting record in congress and IL state senote. noting, gee you dono''''t have to be a rocket sceicist.

Posted by ShannonJane6

HAHAHAHAHA while Obama is making his intentions known to everyone--McCain is still looking for which "direction" he wants to go in. Personally I think he''s lost somewhere in that "bridge to nowhwere"!

[oscarez]

Thank you Again Eco-Liberal Democrats.

ShannonJane6 I noticed you forget to blame the Democratic Party for the flue outbreak of 1917 and AIDS. Was this an oversight?

[robert2237]

ShannonJane6 - Hay don''t you know how they look at his record in senate and house, they read what he has to say not what is public record. And then the media doesn''t even report how he really voted on issues.

[inventagod2]

ShannonJane6 - we can hear your sobbing from way over here on the other side of the shopping center from the trailer park...
Maybe you could just take a little walk...

[robert2237]

doorgunner2- Please tell me what his proposals are?? All I have heard is that he has changed his mind again. Now he is supporting Bush''s plans?? Funny polls do tell him how to vote.

[jaxspp]

McCain is going to be on Letterman, here''s a Top Ten list of failed campaign strategies:

1. Tie him to Reverend Wright
2. Tie him Bill Ayres
3. Call him The Chosen One/The Messiah
4. Claim he has no foreign policy experience
5. Compare him to Paris Hilton/Britney Spears
6. Call him Barack HUSSEIN Obama
7. Name a woman, any woman, as VP as long as it%u2019s a woman.
8. Repeat %u201CI was a P.O.W.%u201D as often as possible
9. Blame every problem for the last 8 years on Obama
10. Cancel Letterman for Couric.

[repforbarack]

If Obama wins this election America will be a divided country.If you want to see America fall.Vote for Obama.
Posted by mr22585


This country is already divided silly boy!
You can thank the failed bush for that

[jumkey]

"I was one month ago going to vote for Obama."

Liar.

Having read the rest of your rants I would like to add that you''re crazy as well.

[gop_will_win]

I was a democrat until Obama came along and I am voting for McCain now.

[cariboubarbi]

just my onions.
Thank You

Posted by ShannonJane6 at 02:57 PM : Oct 13, 2008




Yes, just your emotions. No facts at all.

[gop_will_win]

obama speaks, acts, looks and has the intellect and demeanor to be presidential. so i''''m voting for obama.


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Posted by gopfornever
=======================
Why are you voting for all the qualities that you are not?

[gangesdak]

McCain looks like a spent man. Palin is an airhead. Why should I vote for them?

[ab072503]

Question- Were Cindy and Sarah scolded by the McCain campaign? If so, is that why we have not seen them campaign w/o JM in recent days? Just a thought.

[missingamerica]

McCain looks like a spent man. Palin is an airhead. Why should I vote for them?

Posted by gangesdak at 03:05 PM : Oct 13, 2008

Because when you were little you wanted to grow up to be a ***?

[missingamerica]

lollll....holy cow...they censored m.a.s.o.c.h.i.s.t...

Well, at least the folks who write CBS'' web page code know their way around the intricacies of "slap and tickle"...

lolllll...

[be_real]

Obama as President will mean the end of America.Stand up,Stand up and Fight.Never surrender to the tyranny of Obama...NEVER...


Posted by mr22585 at 03:02 PM : Oct 13, 2008



OOOOhh PLEEEASEE, STOP BEING SO IGNORANT.........

America is already Destroyed and Robbed by the Bushmaffia Posted by NLer1
-----
Wrong, YOU are destroyed and YOU are robbed. YOU are not America. You are one of a multitude of weenies in this country, mostly losers and whiners embittered because their lottery tickets failed to provide good retirement investments, and those warned in 1954 of the demise of American industry supremacy, who then failed to learn anything new and scoffed at learning to learn. I am not destroyed and I am not robbed. I have learned from the mistakes of history and the mistakes of others; I have persevered each and every time the challenge was made to me, knowing that it is not the number of times one is knocked down but the number of times one gets back up, that determines the outcome, and I have not shamed the day. I learned to learn, to adjust, to take advantage of every opportunity the government offered, though the government really intended that I be used up in its grinder. And I plan to continue doing just that, with the new proposals offered by President Obama I should be able to double my income! And if McCain is POTUS, I plan to do the same. Why don''t you? Example: If the government offers a $3000 tax credit for each full time job created, start your own business, that''s one, hire your wife, that''s two, hire your kids, that''s three or four. Can you multiply? Beyond the kids, I mean.

[missingamerica]

Obama wants all people to be poor.Then Obama will be able to control them after he takes their guns away. GunBanObama.com see for yourself.

Posted by mr22585 at 03:09 PM : Oct 13, 2008

Do you have your fingernails chewed off up to your elbows, yet?

[oscarez]

OH NO; GOP_WILL_WIN you were democrat until Obama came along and now you are voting for McCain. OMG, the party is so destroyed!!!!

[viscor]

I find it strangely amusing that for the last few years the republicans have been saying %u201CDon%u2019t worry, the economy%u2019s doing just fine.%u201D.

All I needed to do to read the health of the economy was to look out my front door and look at all the dead lawns due to lack of watering since the bank now owned 1 out of every 8 houses in my town (if the lawn wasn%u2019t a dead give away the for sale %u201Cbank owned%u201D signs certainly were).

So why do I find this funny? I find it funny because last week the Republicans finally got their heads out of the sand and pronounced that the economy was in deep trouble. They made this announcement as if it was new information that we already didn%u2019t know. Congratulations Captain Obvious!

What? Is it also surprising to them that spending billions upon billions of dollars on a misguided %u201Cwar%u201D is poor for the economy? I say again %u201CCongratulations Captain Obvious%u201D.

Lastly, look at all the plans by both parties/candidates and none of them starts with the obvious. Quit throwing away billions of our tax dollars (on the %u201Cwar%u201D). Gee Captain Obvious, do you think that might help the economy?

[scottyusa]

I find it hard to believe that this guy who will not where a flag on his lapal, will not say the national anthem or even hold his hand to where is heart is supposed to be when it is sung still has a chance to become president. The United State''s is falling to the far left and we will pay for that. Even more dispicable is the Clintons stuping so low as to support this unamerican imbecile. Disgusting!

[repforbarack]

I can''t wait to spend ShannonJane6''s money!

You''re extremely rich right?

;P

[musethalia]

Obama also is proposing letting people withdraw up to 15 percent of their retirement funds, to a maximum of $10,000, without any penalty this year and next. They would still have to pay normal taxes on the money. He said letting people dip into their IRAs and 401(k)s would help them get through tough times when money is tight.

20K tapped from a retirement account over 2 yrs is huge, foolish and just another ''quick fix''. he''s allowing people to rob peter to pay paul - unless your kid is going to an in-res community college, or your mortgage is pretty dang low and you use the monies to pay it down on principal then refi, which will eat up money too, it''s a very foolish plan - how does he expect people to pay back their IRA''s/401K''s before their golden years, including what they''ll be taxed when they w/draw the funds? By the time this disaster comes to light, he won''t care what he proposed, but the people wishing they had that extra 20K + intrest that would have accrued will when it comes time to retire.

[oscarez]

Judging from the McCain supporters posting here they are down to the party nitwits.

[sereptaann]

I suppose this is where his "spread the wealth around" comes in. (see video of Obama talking to plumber, his words not mine)

[repforbarack]

my tax lawyers, you will never see my money honey, never ever. Out of Obama gready little hands
Posted by ShannonJane6


So why are you concerned about redistribution if you''re covered?

[antoniof123]

Obama is proposing new ideas while the GOP is saying stay the course no wonder Obama and for that matter the Democrats are riding the wave to take Washington the GOP can''t seem to get out of the last centry.

[missingamerica]

The most horrible thing that I believe the Republicans have done with their policies that have brought so much ruin to the stock market?

They lead off with "free trade"...which forced those companies that stayed in America to do away with such things as pensions "to remain competitive in a global economy"...which forced the remaining American workers to invest in the market via 401Ks etc.

In short, the Republicans staged things to get the maximum amount of money from "ordinary Americans" into play.

The big players on Wall Street then sucked it out of the market by trading fake money (highly-leveraged instruments like SIVs, default credit swaps, etc.) for stocks at low prices and then dumping those stocks in return for cash when they neared their peaks (i.e., shortly before the world became aware that those "highly-leveraged instruments" were junk).

lolll...the Republicans made the "average American" get dressed up and put on perfume in preparation for their own fiscal rapes...

And they want to do the SAME THING with Social Security - get it out into the stock market, where those trillions will be "in play".

[ab072503]

Question- Were Cindy and Sarah scolded by the McCain campaign? If so, is that why we have not seen them campaign w/o JM in recent days? Just a thought.

[freedomobama]

Obama wants all people to be poor.Then Obama will be able to control them after he takes their guns away. GunBanObama.com see for yourself.


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Posted by mr22585 at 03:09 PM

Yours always on here yapping stuff about Obama..Troll

[oscarez]

In response to Obama''s plan, McCain has announced that he is suspending his campaign to go to Washington to work with President Bush to solve the current economic problems.

[a-thinker]

I have been reading this forum for a long time and am deeply disappointed. Our founding fathers called for thoughtful debate and respect for others. Most of what I read here is filled with, yes, hatred. You yell, you curse, but too often you espouse your own views with nothing at all to back them up. I hope to hear more important discourse at some point.

[washrealtor]

Hey, can I hire someone I really don''t need at an average cost of 40-50K per year to get a 3000 tax credit? Brilliant.