Obama to announce broad economic plan today.....

[marmar]

from Detroit Free Press:



Obama to detail economic plan today
Candidate wants rescue proposal put into action now
By TODD SPANGLER • FREE PRESS WASHINGTON STAFF • October 13, 2008


Barack Obama will announce a wide-ranging economic rescue plan in Toledo today that includes an additional $25 billion more to help automakers retool plants and jump-start production, give a tax credit to companies adding U.S. jobs, extending unemployment benefits and allowing penalty-free withdrawals from retirement and 401(k) accounts this year and next.

The plan also calls for a tax cut for most working families – $1,000 per family – which could be mailed out immediately based on last year’s tax returns as well as a voluntary three-month moratorium on home foreclosures for homeowners who are making good faith efforts to pay their mortgages.

According to excerpts of the speech to be delivered this afternoon, Obama is calling for the plans to be enacted now – three weeks before the election – saying the nation has already lost three-quarters of a million jobs this year and unemployment is on the rise.

“We can’t wait to help workers and families and community 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,” Obama said in the excerpts. “We need to pass an economic rescue plan for the middle class and we need to do it now.” ......(more)

The complete piece is at: http://www.freep.com/article/20081013/NEWS15/81013059

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