Tuesday, October 14, 2008

Obama unveils new economic plan

Democrat Barack Obama rolled out a new plan on Tuesday to get the stricken US economy back on its feet as he vied to drive home his growing poll advantage over Republican White House rival John McCain.
Obama said his proposals, including tax credits for new job creation and a moratorium on home foreclosures, were urgently needed to address the crisis seeping beyond Wall Street into the rest of the world's largest economy.

'We need to pass an economic rescue plan for the middle-class and we need to do it now,' the Illinois senator said in remarks prepared for delivery at a rally, three weeks out from election day on November 4.
'We can't wait to help workers and families and communities who are struggling right now -- who don't know if their job or their retirement will be there tomorrow; who don't know if next week's paycheck will cover this month's bills,' he said.
The financial crisis has helped push Obama to a 10-point lead over McCain in the latest Washington Post-ABC News poll, with a barrage of negative character attacks from the Republican failing to stop the Democrat's march. 

Obama was on 53 per cent to 43 per cent for McCain, with 90 per cent of registered voters saying the country is on the wrong track, according to the poll. 

The Democrat's campaign said his latest proposals combined with previously announced policy measures would cost USD 175 billion over two years. 

But economic adviser Jason Furman said the plan was fully costed, paid for in part by higher taxes on top earners, and said our biggest priority is to avoid a painful recession.

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