October 14th, 2008
06:20 AM ET
10 years ago

McCain to unveil new economic plan today

McCain suggests Obama at fault for bailout delay.

McCain suggests Obama at fault for bailout delay.

(CNN) - John McCain's campaign says their candidate will outline new economic proposals today. The campaign titles the plan "the Pension and Family Security plan," and says it will "help those who are currently hurting the most" from the ongoing economic crisis, "including workers, homeowners, and seniors."

The campaign says the new plan builds on McCain's "American Homeownership Resurgence Plan" which was introduced last week. The campaign says that proposal called for using $300 billion of the $700 billion financial bailout package passed by Congress and signed into law by President Bush to keep Americans in their homes, stop declining housing values, and stabilize the financial markets.

The Republican nominee is expected to address the new plan at a rally he holds in suburban Philadelphia today.

In a one-on-one interview Monday with CNN's Dana Bash, McCain said that "I have a positive plan, we'll bring the economy back."

The plan calls for lower taxes on seniors tapping their retirement accounts, a suspension of tax rules that force seniors to sell their stocks in the midst of this financial crisis, an acceleration of tax write-offs for those forced to sell stocks at a loss in the current market, a reduction of capitol gains taxes for 2009 and 2010 to raise the incentive to save and invest, the purchasing of mortgages directly from homeowners and mortgage servicers and replace them with manageable and fixed rate mortgages, and an elimination of taxes on unemployment benefits.

McCain's announcement comes one day after his rival, Democratic presidential nominee Barack Obama, announced his own proposals, which his campaign termed an "economic rescue plan for the middle class."

The Arizona senator has his work cut out for him when it comes to the economy. The most recent CNN/Opinion Research Corporation poll suggests Americans think Obama would do a better job than McCain in dealing with the economy. Fifty-seven percent of those polled in the CNN survey said Obama would do a better job dealing with the economy, with 37 percent saying McCain would do best.

Filed under: Economy • John McCain
soundoff (117 Responses)
  1. lovable liberal

    Last week's bogus plan didn't gain any political advantage. Better try something else. I smell desperation.

    October 14, 2008 08:56 am at 8:56 am |
  2. McCain=the draft

    Who does he think he's kidding! He filpped again!
    He wasn't coming out with anything...until Obama came out with his!

    October 14, 2008 08:57 am at 8:57 am |
  3. Noah

    Obama supporters take note. McCain is going to introduce an actual detailed plan for this economy. This is what a President should do. Obama wants to keep talking in generalities and abstract points. He has NO PLAN. His plan is to compare McCain to Bush and blame everything on the Republicans (even though it was mainly the fault of the Democrats for their insistence that banks lend to people who could never pay those loans back). Obama hope if he can distract Americans long enough he can win this election, and then we will all see the trouble we are in on Jan 20. McCain is the right man for the job

    October 14, 2008 08:57 am at 8:57 am |
  4. Jeff, OR

    I'd like to see a side by side comparisons of these plans. They seem very similar to me, with both candidates earnestly trying to help things. If it were just about economic recovery plans, I might be an undecided voter. Of course, there is a lot more to my criteria when choosing a candidate, and I hope others look at the overall picture as well.

    Obama/Biden '08

    October 14, 2008 08:58 am at 8:58 am |
  5. Brendan H., San Antonio, TX

    McCain will release his after Obama, copy Obama's and take credit for it!

    October 14, 2008 09:01 am at 9:01 am |
  6. Mikey, Scottsdale AZ

    It's amazing ..three weeks to go and he comes up with a plan ?
    Wouldn't an economic plan have been completely revealed at the outset of a Campaign? What's it gonna be called next week?

    October 14, 2008 09:01 am at 9:01 am |
  7. McWho??

    Had Obama not unveiled a plan yesterday he wouldn't have had a plan to unveil today. This is another of the many indications we've seen in this campaign of who is leading and who is following.

    Obama/Biden 08

    October 14, 2008 09:02 am at 9:02 am |
  8. AT in NJ

    I thought he did this yesterday.

    October 14, 2008 09:03 am at 9:03 am |
  9. Shane from LB

    Another day, another supposed economic plan from McCain's failing campaign.

    People have made up their minds, and another erratic plan isn't going to change it.

    Too little, too late, McCain.

    Obama/Biden '08/'12

    October 14, 2008 09:03 am at 9:03 am |
  10. Bryce

    Someone who wishes to be president should have the foresight to have a plan for the economy more than a month before they are to be elected into office. John McCain is woefully unprepared for this job, and I think voters understand that right now.

    October 14, 2008 09:04 am at 9:04 am |
  11. Bruce

    too late..
    from what I ahve read and heard about this plan.Obama's seems to make more sense.
    Too bad it is jut now that mccain wants to discuss the issues.

    October 14, 2008 09:04 am at 9:04 am |
  12. No Mc-cain-Palin, Bush's image

    there is nothing coming from McCain I can trust, he is just an old dude looking for votes. He does not really care about poor people, all he cares about is P O W E R and W A R . Thanks but no thanks to McCain-Palin!!!

    October 14, 2008 09:04 am at 9:04 am |
  13. Doc

    He needs to unveil a new VP pick. Because his current one is un-ethical and doesn't know how to Govern her state without the influences of personal matters in her daily decisions. She really can't be Vice President. What a shame the republican ticket is on flames with little hope of putting it out.

    October 14, 2008 09:05 am at 9:05 am |
  14. wil

    If Mccains plan is base on using the bail out money and the current adminastration is using the money how will Mccain pay for this. I like Obama plan to allow you to take out $10,000 out of yor 401-k plans without penalty it cost the tax payer nothing and it put money back into the economy a lot more than the current stimulis plans. We need smart plans that make since not some ideas thought up on a bus or plane.

    October 14, 2008 09:05 am at 9:05 am |
  15. joyce

    mr mccain proubly will do a repeat of obamas plans as usual with a little amendment seems he never has a plan totally of his on. he either owns bush's or obama's plans. so mccain i say to you ==save your breath and engery you will need it

    October 14, 2008 09:06 am at 9:06 am |
  16. Pepsi

    He will just come out and say anything and it will change to suit his needs. We people of the United States are smarter than that. We will vote for the man who has been steady and has shown leadership qualities. A man who has come out consistantly and telling us how he will do what he says he will do. A man we can trust. That man is Barack Obama.

    OBAMA-BIDEN 2008

    October 14, 2008 09:06 am at 9:06 am |
  17. Concerned Voter 1

    This is all an illusion. McPalin will actually privatize everything!

    October 14, 2008 09:06 am at 9:06 am |
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