(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.
Last week's bogus plan didn't gain any political advantage. Better try something else. I smell desperation.
Who does he think he's kidding! He filpped again!
He wasn't coming out with anything...until Obama came out with his!
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
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.
McCain will release his after Obama, copy Obama's and take credit for it!
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?
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.
I thought he did this yesterday.
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.
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.
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.
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!!!
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.
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.
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
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.
This is all an illusion. McPalin will actually privatize everything!