Obama calls for a halt on foreclosures
October 14, 2008
TOLEDO, Ohio – Democrat Barack Obama proposed more immediate steps Monday to heal the nation’s ailing economy, including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs.
With the economic turmoil weighing down his Republican presidential rival, Obama also proposed allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next.
The Democratic presidential candidate said his proposals, with a price tag of $60 billion over two years, can be enacted quickly, either through the government’s regulatory powers or legislation that Congress could pass in a special session after the election.
“I’m proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners,” Obama told a crowd of 3,000. “It’s a plan that begins with one word that’s on everyone’s mind, and it’s spelled J-O-B-S.”
Obama delivered his economic message in Toledo, a struggling blue-collar city in a state that could be critical to Obama’s presidential hopes.