McCain, Obama offer specifics on economic plans

With the economy continuing to be front and center, both Obama and McCain have begun offering specific plans and proposals aimed at convincing voters they each are capable of tackling this economic situation. That being said, nobody seems to click on posts about the economy and what the candidates propose, however, it is of great importance considering one of their two visions will be in place for at least the next 4 years.

Report from Yahoo News.

McCain’s specifics:

McCain, lagging in the polls, called for legislation suspending a requirement that investors age 70 1/2 begin to liquidate their retirement accounts. “To spare investors from being forced to sell their stocks at just the time when the market is hurting the most, these rules should be suspended,” the Republican presidential candidate said in a speech in LaCrosse, Wis.

It was the Republican’s second proposal in three days to deal with economic woes, following his call for the government to buy bad home-loan mortgages and renegotiate them at a reduced price.

Obama’s specifics:

Obama, who was campaigning in Chillicothe, Ohio, said he favors a temporary extension in an expiring tax break to let small businesses write off the cost of many new investments immediately, rather than over several years. He said he was making the proposal “because it’s time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people.”

The proposal would cover investments up to $250,000. Campaign officials put the cost to the Treasury at $900 million.

Aides said Obama also wants to extend the Small Business Administration’s disaster loan program to help small businesses that cannot access other sources of capital, as well as eliminate fees on SBA loan guarantees and increase the size of loans that could be covered. They put the cost at $5 billion.

Here’s a recent interview with ABC News in which McCain discusses his plan, among other things:

Next, a clip from Sky News of Obama discussing the economic situation as well:

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