(CNN) - Barack Obama plans to propose a series of temporary tax credits and suspensions of tax penalties Monday afternoon as part of his new economic plan.
The Democratic nominee will propose 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 401Ks in 2008 and 2009. He will call 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 –- without facing a tax penalty this year or next, and a temporary lifting of taxes on unemployment insurance benefits.
Watch: Obama pledges tax cuts
The Illinois senator will also call for 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.
“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,” Obama will say. “We need to pass an economic rescue plan for the middle-class and we need to do it now.”
Listen: Obama's economic policy director gives reporters the details on a Monday conference call
The new plan, which will be laid out at an Ohio campaign event this afternoon, comes as McCain aides say the Republican nominee will likely wait until Treasury issues a report or recommendations on what to do with the bailout before laying out any further plans. Advisors downplayed weekend reports the Arizona senator would be unveiling several economic proposals over the final three weeks of the campaign, saying it was likely he would lay out one or two new ideas, but not the swarm that had been rumored.
They also downplayed a Sunday suggestion by major McCain surrogate Lindsey Graham that a new economic plan rollout might focus on plans to cut taxes on capital gains and dividends, saying that the South Carolina senator had good ideas but that they had not yet been approved by the campaign.
McCain has already laid out a plan to buy $300 billion in troubled mortgages, and re-negotiate the terms directly with homeowners. On Friday, he endorsed the idea of suspending the current requirement that seniors start drawing down their IRAs and 401Ks once they reach age 70-and-a-half.
- CNN’s Dana Bash contributed to this report