Sen. Barack Obama today launched a new economic plan today which includes a few proposals including a 90-day moratorium on home foreclosures. Obama made the announcement while campaigning today in Ohio.
Report from Yahoo News:
TOLEDO, Ohio – 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.”
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.
Obama also spoke to an Ohio voter yesterday and took some questions concerning how his tax plan would affect the voter as a small business owner:
I’m certain this will be a major topic at Wednesday night’s debate since McCain has vowed to pin Obama down on some things. Of course, I think he vowed to do that the last 2 debates as well, so we’ll just see.