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."

[hootal2]

Obama warned us that the GOP might try to make us afraid of him. I wonder where he would get an idea like that? Maybe he thought they might bring up his cloudy past with it''''s shady affiliations, or maybe he thought that they might bring up his many experimental and risky plans for America. I don''''t know, I guess I just don''''t understand where he would get such a crazy idea.


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Posted by bracemic at

take a look at his new "Business Tax Credit". BO is either too dumb to understand or is lying. I think he is lying. He and his advisors are smart enough to know that you, bracemic, do not know how much it costs to employ someone. use an old rule of 2.5 times labor (I know that doesn''t work for every situation). We are in a retraction and he knows *** well that very few small businesses will be able to add 5 new jobs (full time) during the period he is proposing the silly $3,000.00 credit that will apply to basically, no one. Gee, if I do add a job what will i do with that huge credit? buy 1 computer and a chair? No, I should take $10,000 from my retirement, wait, I thought he said because of Bush we all lost our retirement money. Yeah, we should be afraid. that is "erratic" behavior. He is smart enough to fool a lot of people.

[hpolitician]

Obama is on the right track and can see him over powering McCain in the last debate. Go Obama Go

politicaladattacks.blogspot.com

[bracemic]

Obama warned us that the GOP might try to make us afraid of him. I wonder where he would get an idea like that? Maybe he thought they might bring up his cloudy past with it''s shady affiliations, or maybe he thought that they might bring up his many experimental and risky plans for America. I don''t know, I guess I just don''t understand where he would get such a crazy idea.

[hootal2]

proisrael,
we have to starve the beast, it is the only way. My wife and i like to be productive but we will not penalized for it so the bums can sit on their butts. for years we have made too much to qualify for any child credits, but we enjoy our jobs, so we pay the taxes. To see and hear these liberals salivating makes us take this stance. BO also wants to raise the cap on the payroll tax. that''s the last straw. He''ll put $5 in the front pocket then reach around and take $20 out of your back pocket. it will take a few years, but people will wake up and realize it sucks. $500 credit won''t even pay for a membership to the local YMCA.

[hootal2]

My wife is going to quit her good job. That way we can get into a lower tax bracket and get some of these goodies BO is promising. forget all those sick people she helps at the hospital. who cares if there is a shortage of health care workers BO is gonna spread it around. why work so hard? Now, I want all of you to keep working real hard so your money can be spread around and eventually end up in my pocket.

[brucie2006]

CBS

"Obama holds double-digit margins over McCain in Minnesota, Michigan and Wisconsin and carries a nine-point advantage over his Republican rival in Colorado, according to polling conducted by Quinnipiac University for washingtonpost.com and the Wall Street Journal."

OBAMA/BIDEN ''08

[brucie2006]

proisrael at 12:41 PM :

no.
just working the elderly in Florida to vote Obama and its working.. The video of McShame and Palin "fist waving," in the air and their racism and terrorism rhetoric is similar to Hitler when he gave his speeches.

[brucie2006]

GetRealTex at 12:39 PM

McShame/Falin are loosing with their hatred and racism. They have no message. Neocon George Will and David From are going to vote for Obama. Repig Senators and Congressman are avoiding McShame...he is loosing and the rhetoric is making it worse...they want to keep their jobs.

[brucie2006]

We were running the WORLD BANK, WOLFOWITZ got the job with the persistence from the Bush/Cheney Administration. EXCEPT, WOLFOWITZ WAS CAUGHT IN A FINANCIAL/SEXUAL CORRUPTION WITH HIS GIRLFRIEND... WOLFOWITZ WAS SACKED FROM THE WORLD BANK. It was very embarassing for the United States, but Bush didn''''''''t care...
-------------------------------
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Posted by Brucie2006 at 12:22 PM : Oct 14, 2008


So Clinton got caught with his wee wee in Monica''''s mouth and lied about it. So what''''s the difference.





There''s a big difference, Wolfowitz was running the World Bank and its finances, directly effecting the world globally. Financial corruption effects everyone...i.e., Ney, Cunningham, Abramoff, Stevens, Craig, Foley, Vitter (prostitutes, his wife must be terrible in bed), Palin (Troopergate),

[brucie2006]

getoffmine1

What Obama needs to do first is announce that the U.S. will no longer ne funding the world bank. If we cannot run it, our money should not fund it.
Instead of reaching out to the rest of the world we need to circle the wagons and fix this country, and only this country.
With all of the resources we have we can pull out of this recession without working with others. Once the bull run in the U.S. starts others will still be down. Then we can once again dictate how things will be done when it involves our money. This global charity needs to end.



We were running the WORLD BANK, WOLFOWITZ got the job with the persistence from the Bush/Cheney Administration. EXCEPT, WOLFOWITZ WAS CAUGHT IN A FINANCIAL/SEXUAL CORRUPTION WITH HIS GIRLFRIEND... WOLFOWITZ WAS SACKED FROM THE WORLD BANK. It was very embarassing for the United States, but Bush didn''t care...

[brucie2006]

Posted by Brucie2006 at 11:28 AM : Oct 14, 2008

GetRealTex
Oh yeah, right, that''''s why we''''re over in the Middle East fighting against Islamic radicalism!

Talk about clueless!

Not very patriotic of our Vice President, Cheney to move an entire American company, and its jobs to an ARAB COUNTRY, Dubai. What hypocrisy. Lovely picture of Bush holding hands with the Saudi Prince.

If the McCain and Bush were pro-Israel why didn''t Cheney move Halliburton to Israel instead. Many Jews would like an answer to that also.

Bush Jr''s oil company Harken, was bought by the bin Laden family, when it was going into Chapter 13.

factcheck.org. The elderly in Florida are appalled!!!

Obama/Biden ''08

[charlie1000-2009]

Obama wants a " rearranging of wealth" .
That means ; lots of money of people who are working goes to people who are not working .

[brucie2006]

GetRealTex
You know, I was thinking more in terms of Belize instead of Canada...it''''s warmer down there! And my whole family likes that idea better because we could live like the rich with our little dab of retirment money that we worked hard to get and Obama wants to tax!lol


Good, leave.

[brucie2006]

"Obama Widens Lead In Four Key Swing States
Washington Post Poll: Democrat Leads McCain By At Least Nine Points In Minnesota, Michigan, Wisconsin And Colorado"

McShame/Falin''s rhetoric is not working, in fact, people hate it. The anti-Palin factor is working!!!

[brianbwb-2009]

"Obama associated and supported ACORN
ACORN committed Election Fraud!!!" Posted by Minuteman-8

Election fraud is illegal, so why is no one being tried for it?

That bit of logic aside, let us suppose you are correct, if you hate election fraud so much, why did you not complain about the Bush election fraud in Florida, just in case you don''t remember,

"In its zeal to address the embarrassing behavior of politicians in Miami, the Republican-controlled legislature passed a law that paved the way for one of the scandals of the 2000 election in Florida: the massive disfranchisement of Florida voters%u2014most of them African American%u2014whose names erroneously appeared on felony lists."

Or Ohio,

"While investigating for BBC Television, we obtained three dozen of the Republican Party''s confidential "caging lists," their title for the spreadsheets that list the names and addresses of Ohio voters they intended to block on any pretext. Every address of the thousands on these Republican hit lists was located in black-majority precincts. You might find that nasty and racist. It may also be a crime. [Greg Palast]"

Hmmm?

[brucie2006]

CBS


"Barack Obama widened his lead considerably over John McCain in four key battleground states during the past three weeks, providing further evidence that the economic crisis has greatly enhanced the Democrat''s advantage with just 21 days left before Election Day.

Obama holds double-digit margins over McCain in Minnesota, Michigan and Wisconsin and carries a nine-point advantage over his Republican rival in Colorado, according to polling conducted by Quinnipiac University for washingtonpost.com and the Wall Street Journal. "

Update that CV Rowdy, you will be out of a job.
I''m in Florida and the seniors love Obama and don''t like McCain''s "nazi" rhetoric.

[brucie2006]

hungry1968_3
And you STILL haven''''t posted a link to a LEGITIMATE news organization, spelling out the association to ACORN.

Hell, at this point, I''''d even take a Fox News story on it!!


they dont'' know how, they are only paid to post and blog certain subjects and not to change the criteria.

I am in Florida...and Obama is getting approval.

Change the criteria...Iran-Contra, Keating 5,

[brucie2006]

these posts don''t mean anything to the seniors down in Florida. But, McCain''s nasty "nazi" proganda has changed many senior down here. They hate Palin.

...just taking a break, then I am off the the next group...winning hearts and minds with intelligence and answering their questions.

[brucie2006]

McCain was indicted in the Keating 5, with the collapse of the Savings & Loans;

Rick Davis, economic advisor is receiving month checks from Freddie Mac and Fannie Mae, even after the bailout...burdening the taxpayer

Just more corruption from the Repigs.

[brianbwb-2009]

"Sorry, but YOU don''t get to determine what''s legitimate and what''s NOT!" Posted by GetRealTex

Not sorry, yes he does. Information supported by empirical evidence constitutes legitimate information, information backed by nothing more than opinion, false information, and hysterical supposition is not legitimate.

Editorials are by definition opinion, and therefore cannot be taken as factual, the same goes for blogs that have no factual information referenced to support the contentions of the bloggers.

"He rode a blazing saddle
He wore a shining star
His job, to walk the battle
To bad men near and far" - Mel Brooks