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Obama Pitches Middle Class Rescue Plan
October 13, 2008 3:34 PM
Taking a break from debate prep in the red state of Ohio, Sen. Barack Obama, D-Ill., this afternoon in Toledo, outlined a new rescue plan for the middle class intended to immediately stabilize the financial system and provide relief to struggling families.
Obama outlined four proposals that can be enacted quickly - and urged Congress to do just that.
“Congress should pass this emergency rescue plan – the rescue plan for Main Street - as soon as possible," Obama said, pushing this economic message to a crowd of approximately 3,100 at Sea Gate Convention Center. "If Washington can move quickly to pass a rescue plan for our financial system, there’s no reason we can’t move just as quickly to pass a rescue plan for our middle-class.”
In the new proposal Obama calls for a temporary tax credit of $3,000 per job for firms that create new jobs in the US over the next two years.
“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. Jobs,” Obama said. “Instead of tax credits and tax breaks to companies that ship jobs overseas what we’re going to do is say to American companies for each new employee you hire in the United States over the next two years you are going to get a tax break that makes sense.”
Second, in a proposal that follows Senator McCain’s lead, Obama called for legislation that would allow families the ability to withdraw 15% of their retirement savings from their IRAs and 401(k)s – up to a maximum $10,000 -- without facing a penalty.
“I want to give credit where credit is due, I welcome Senator McCain’s proposal to waive the rules that currently force our seniors to withdraw from their 401(k)s even when the market is bad. I think that’s a good idea, but I think we need to do even more.”
Third, Obama’s plan would require those companies receiving government aid from the recent $700 billion Troubled Asset Relief Program to bring relief to homeowners by providing a 90-day foreclosure moratorium for homeowners acting in “good faith” to pay their mortgages.
“If you are a bank or lender that is getting money from the rescue plan that passed Congress, and your customers are making a good-faith effort to make their mortgage payments and re-negotiate their mortgages," Obama said, "you will not be able to foreclose on their home for three months. We need to give people the breathing room to get back on their feet.
Last, the Obama plan would urge the Federal Reserve and the Treasury Department to establish a facility to lend to state and municipal governments.
“I believe that Treasury should not limit itself to purchasing mortgage-backed securities – it should help unfreeze markets for individual mortgages, for student loans, for car loans, and for credit card loans," said the Illinois Democrat. "And I think we need to do even more to make loans available to two very important areas of our economy: small businesses and communities.”
Obama – who regularly preaches tough love to audiences– said that people need to take responsibility for their own financial situation; that the crisis on Wall Street and Main Street has contributed to their woes – but now is the time for fiscal responsibility in their own lives.
“We’ve lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save," Obama said. "Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government.”
Obama told the crowd that his opponent has already made his choice on how to handle the economic crisis by instead focusing on attacking Obama's character.
The mention of his opponent solicited widespread condemnation from the crowd, which Obama tried his best to calm down.
“Now we don’t need that,” Obama said to then, “we just need to vote, that’s what we need to do.”
Obama will spend most of the next two days in Toledo, Ohio, preparing for Wednesday night’s debate in Hempstead, NY.
-- Jake Tapper and Sunlen Miller
October 13, 2008 | Permalink | Share | User Comments (561)
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Explain how you as a democrat feel morally justified in stealing from me and my family and giving it to someone else. I have two jobs and my wife as two as well. We work hard to save, send our kids to private school, and next year they start college. But what right do you think you can come and take money from me and give it to people who aren't paying taxes, in the from of tax credits. That is the same attitude that theives have. You have it and I want it. But i DON;T WANT TO WORK FOR IT.
Posted by: bosco5021 | Oct 14, 2008 1:10:36 AM
I'm sorry, what was John McCain's plan again? Oh, that's right - he's married to a multi-millionaire and he doesn't need one. He'll get back to us sometime. He has a new one every other week. Now he's pretending he didn't vote for the bailout plan. It sure doesn't look like those people in the battleground states are buying a word of it.
Posted by: mara | Oct 14, 2008 12:42:37 AM
"Hillary gave a rousing speech for Senator Obama today! "America will once again rise from the ashes of the Bushes!"Bloggers are saying it is the best speech she has ever delivered.
"
Of course they are. When she was running, they treated her like a piece of trash and now she's their hero. They love their little monster.
Posted by: Mack | Oct 13, 2008 11:39:05 PM
RE:
The Wall Street Journal OPINION piece (folks, that is somebody's "Take" on something not a fact finding mission)... this article is flawed.
One reason is the numbers it gives for percentages of Americans getting "tax checks" (which includes "tax return checks") and those paying no tax at all is remarkably similar to today's numbers.
The article has a bunch of language and very few salient points -- meaning... it is misleading.
The author and/or authors are entitled to express opinion. Their service should be to get others to think, research and make their own informed decisions.
Conclusion: Opinion is not fact. Test... and discover your own intellect.
Posted by: dassis | Oct 13, 2008 10:53:51 PM
William Ayers is a lecturer or proffesor at an American university. God forbid that anyone who's ever taken his class should run for office in this country, even if they don't endorse his views.
Posted by: Goodfellow | Oct 13, 2008 10:53:10 PM
TPE - Everyone has a right to their opinion - what I find fault with is stupidity. When a voter votes against his or her own best interest, slams the liberals, calls them names, cite mistruths, and yet can not state anything positive about McCain's campaign or his plans for this country, that is just plain ignorance in action.
Posted by: sandy | Oct 13, 2008 10:52:20 PM
Hillary gave a rousing speech for Senator Obama today! "America will once again rise from the ashes of the Bushes!"Bloggers are saying it is the best speech she has ever delivered.
Posted by: sandy | Oct 13, 2008 10:48:35 PM
Socialism is needed because right now:
You can't live without
MANDATED INSURANCE -Those that sit and collect other peoples money for doing nothing.
LAWYERS -Those who's existance justifies Mandated Insurance.
IRS -Those that collect everyones money so republicans can use it to invade other nations and call it capitalism.
GAS COMPANIES -Those the republicans fight wars for with our tax money.
LARGE FINANCIAL CORPORATIONS -Those who make sure you can't start or sustain your own company.
It's so hard to succeed, the only way out is socialism. Big dreamers want the freedom in creating their own company. Small dreamers just want a job and listen to republicans that give them NOTHING!
Posted by: Goodfellow | Oct 13, 2008 10:47:08 PM
Martin Luther King once said "Don't judge a man by his color, but by the content of his character". I am sure that doctor King, unlike Obama, would of rejected the Militant ideology of Rev. Write and Ayers. Martin Luther King was a leader and an example to us all, black and white, chines and hindus. Obama is not a leader but a political apparatchik. When you wake up to that reality, Obama will be the president and America will be lost.
Posted by: LostDemocracy | Oct 13, 2008 10:46:46 PM
Work Hard to support yourself and family? Obama is going to take your money give some of it to druggies with no jobs and give other money to his corrupt friends. Gotta love it.
Posted by: chattyway | Oct 13, 2008 10:42:58 PM
Its amazing how many of you think he supports us.How short we forgot when Obama was in san fran and said these people are klinging to their guns and religion.This guy stands for poor black people i am sorry but this is fact.I know his grandparents are white.But look at his history,acorn,wright,he is not for the avg American.Robinhood is not going to work the more you taxe companys the more they charge for their svcs or they fire people because they cant afford to do business.I know what about exxon well the made all these billions look how much they pay in taxes more than any other company on he planet.
Posted by: jcl4tx | Oct 13, 2008 10:40:11 PM
This guys is just great, at least he thinks about the middle class, all Mcsorry, & dumb Dora talk about is Ayers, Wright, & Iraq. Let's face it we will all be under Dumb Dora's bridge to nowhere if these 2 country first republicans get into office.
Posted by: wane | Oct 13, 2008 10:39:07 PM
timepreps,
QUIT LYING.
OBAMA IS RAISING TAXES ON SMALL BUSINESS OWNERS.
Remember Obama thinks 200k and any small business owner who employs lot of staff will be TAXED MORE under OBAMA.
HIGHER TAXES does not create more jobs.
Posted by: Greg h | Oct 13, 2008 10:38:53 PM
Sandy, you find fault in everyone who doesn't worship the "one" I feel kind of sorry for you. You and I do have a choice you know.
Posted by: TPE | Oct 13, 2008 10:36:03 PM
Obama has a Rezko plan for everyman.
Posted by: Pineapple | Oct 13, 2008 10:34:35 PM
Since last November when I started actually watching and research this campaign, I have noticed thar Senator Obama is really trying to divide our nation based on race, ecomony, age and gender.
I can not vote for a socialist who tries to divide and conquer. Each day, his rhetric and policies are more profound and scary. Redistribute the wealth is the bottom line for Obama.
Posted by: Mary | Oct 13, 2008 10:34:24 PM
Palin scolded her own supporters at a rally today? . The funniest part is when her husband tried to tell her they weren't
protesters and she shut his ass down right away...like go away dammit!
Posted by: sandy | Oct 13, 2008 10:33:18 PM
Republicans, if you can't stomach jumping ship for Obama you can still vote for Bob Barr on the Libertarian ticket. Go to and read the platform. It's more likely matches what you believe than the Republican platform anyway. McCain is just a nasty old man with a short fuse and a clueless running mate and he's not going to win. Vote Libertarian and send the right message. McCain and Obama differ on Iraq but they both agree we should have an interventionist foreign policy in the other 129 countries where we have troops. (And did you see the size of the new embassy in Iraq? Those troops are going nowhere.) Both of them believe you should foot the bill for other people's health care. Both of them voted to hand your cash to Wall Street and won't talk about you how you're already spending $250 billion a year just paying interest on the national debt.
Posted by: Skeptic | Oct 13, 2008 10:33:08 PM
Ok so the 6% of Americans and,we all no some of them.Who dont pay any taxes,i dont mean self employed i mean the ones who pay taxes all year long then get back everything plus like 4,000$ depending on how many kids they spit out.I paid 17,000 in taxes last year and still ended up getting 600 back,but my wifes friend whos boyfriend lives with her got back 7,000$ together they made over 45,000 bt she didnt claim him only the kids.he paid 0 she got 7000 dollars.And now they will get more.Its amazing how happy we get screwing our neighbors out of their money.Its not the govts money to spend its our money to keep the country we built running.Obama was busted today saying he does beleive in marxism listen to him speak in Ohio.I should keep my money nit give it to people who dont work.
Posted by: joseph l | Oct 13, 2008 10:32:51 PM
“Congress should pass this emergency rescue plan – the rescue plan for Main Street - as soon as possible," Obama said, pushing this economic message to a crowd of approximately 3,100 at Sea Gate Convention Center. "If Washington can move quickly to pass a rescue plan for our financial system, there’s no reason we can’t move just as quickly to pass a rescue plan for our middle-class.”
I saw an estimate of 3 trillion dollars for this part of the program. It's possible that includes the 700 billion program. I have read so much today that some things are running together.
“We’ve lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save," Obama said. "Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government.”
Answering one of the debate questions about how to survive of recover from the 700 billion just authorized, Senator Obama responded with four investment plans. Where does all this money come from?
Posted by: bspring | Oct 13, 2008 10:32:25 PM
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