Wednesday, 4 June 2008

:: FACTBOX: Obama, McCain proposals for U.S. economy
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35. FACTBOX: Obama, McCain proposals for U.S. economy

(Reuters) - Trouble in the subprime mortgage market has led to a wave of home foreclosures and a broader economic slowdown, heightening voter anxiety before the November election.

Following are some of the key economic positions of Sen. John McCain, the presumptive Republican nominee, and Sen. Barack Obama, who claimed the Democratic nomination for November's U.S. presidential election.


* Proposed to spend up to $10 billion to allow some homeowners to trade high-interest, adjustable-rate mortgages for safer, fixed-rate loans.

* Proposed a suspension of the 18.4 cent federal gas tax and 24.4 cent diesel tax during the summer.


* Called for greater government regulation of the U.S. financial system and proposed a new $30 billion economic stimulus plan to help homeowners.

* The $30 billion plan includes a $10 billion foreclosure prevention fund to help people keep their homes. It also includes $10 billion in relief for state and local governments hit hardest by housing crisis.

* Outlined six "core principles for reform" that would give the Federal Reserve supervisory authority over any financial institution to which it might make credit available and calls for reform and streamlining of financial regulatory agencies.


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