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Candidates Tout Economic Fixes

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The Tampa Tribune

Published: October 12, 2008

John McCain and Barack Obama outlined steps to counter the faltering economy and plummeting stock market last week, fresh evidence of the dominant role of pocketbook issues in their race for the White House. Here's a look:

BARACK OBAMA

SMALL-BUSINESS TAX BREAK: The Democratic presidential candidate favors a temporary extension of an expiring tax break that lets small businesses write off the cost of many new investments immediately, rather than over several years.

The proposal would cover investments up to $250,000. Campaign officials put the cost to the Treasury at $900 million.

He said he was making the proposal "because it's time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people."

DISASTER LOAN PROGRAM: Aides said Obama also wants to extend the Small Business Administration's disaster loan program to help small businesses that cannot access other sources of capital, as well as eliminate fees on SBA loan guarantees and increase the size of loans that could be covered. They put the cost at $5 billion.

JOHN McCAIN

RETIREMENT ACCOUNTS: The Republican candidate is calling for legislation suspending a requirement that investors age 701/2 begin to liquidate a portion of their retirement accounts.

McCain's campaign did not immediately provide an estimate of the number of investors who would be helped by his proposal to block the mandatory sale of retirement account assets.

MORTGAGES: McCain wants the government to buy bad home-loan mortgages and renegotiate at the new reduced value of the properties, a step designed to help homeowners facing foreclosure.

He has put the cost of the plan at $300 billion, and initially said it would come from the $700 billion bailout. Then, on Thursday, he said additional funds might be needed, a statement he appeared to retract during a campaign appearance in LaCrosse, Wis., on Friday.

The Associated Press

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