WASHINGTON, Oct. 13 (Xinhua) -- U.S. presidential race
front-runner Barack Obama on Monday rolled out what his campaign called a
four-part "economic rescue plan" for the middle class.
"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 said at a rally in Toledo,
Ohio.
U.S. Democratic presidential nominee
Senator Barack Obama speaks at a campaign rally in Philadelphia,
October 11, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>
"It's a plan that begins with one word that's on
everyone's mind, and it's easy to spell: J-O-B-S," said the Democratic senator
from Illinois.
Meanwhile, aides to his Republican opponent John
McCain said their candidate would likely wait to lay out any further plans until
the Treasury Department issues a report or recommendations on what to do with
the bailout.
McCain has already unveiled a plan to buy 300 billion
U.S. dollars in troubled mortgages and renegotiate the terms directly with
homeowners.
Republican presidential nominee Senator
John McCain speaks during a rally in Virginia Beach, Virginia October 13,
2008. (Xinhua/Reuters Photo) Photo Gallery>>>
On Oct.9, he endorsed the idea of suspending the
current requirement that seniors start drawing down their IRAs and 401(k)s once
they reach age 70 and a half.
On Monday, Obama proposed a temporary tax credit for
firms that create new jobs in the United States over the next two years, and
penalty-free withdrawals from IRAs and 401(k)s in 2008 and 2009.
The Democratic candidate called for new legislation
that would give families the option of withdrawing as much as 15 percent of
their retirement savings --- up to a maximum of 10,000 dollars ---without facing
a tax penalty this year or next.
He also called for a temporary lifting of taxes on
unemployment insurance benefits.
Moreover, Obama proposed a 90-day foreclosure
moratorium for homeowners acting in good faith, and a new effort to address the
growing credit crisis at the state and local level.
Under the Obama plan, the Federal Reserve and the
Treasury would provide much the same kind of backing to state and municipal
governments as the recent federal bailout did to the commercial credit market.
The McCain campaign said Obama's economic rescue plan
was a political move that would not provide solutions.
CNN's most recent poll of polls shows Obama leading
McCain by 8percentage points, 50 to 42 percent.
