U.S. presidential candidates have been outlining their plans to revive the sagging U.S. economy.
Following are some from the three main candidates:
DEMOCRATIC NEW YORK SEN. HILLARY CLINTON
- Called for a second stimulus package with a $30 billion fund to put cash into the hands of local governments and nonprofit organizations to buy and resell properties to low-income people or turn them into affordable rental housing units.
- Plans to introduce legislation to provide legal protection for mortgage servicers who help struggling homeowners to modify their mortgages.
- Supports expansion of Federal Housing Administration's capacity to guarantee restructured mortgages, in line with legislation proposed by Democrats Rep. Barney Frank of Massachusetts and Sen. Chris Dodd of Connecticut. Said government must be ready to be proactive in purchasing, restructuring and reselling "underwater mortgages."
- Proposed a $12.5 billion funding package to provide job training for displaced workers. It would include $2 billion a year over five years to create universally available job retraining services for the unemployed and $500 million a year for on-the-job training and worker education.
DEMOCRATIC ILLINOIS SEN. BARACK OBAMA
- 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 $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.
- Wants to repeal a provision in bankruptcy law so ordinary families can modify terms of home mortgages.
- Proposed a 10 percent mortgage tax credit for middle-class Americans.
REPUBLICAN ARIZONA SEN. JOHN MCCAIN
- Proposed a suspension of the 18.4 cent federal gas tax and 24.4 cent diesel tax during the summer.
- Proposed a middle class tax cut to help those who are trying to raise a family by doubling the personal tax exemption for dependents to $7,000.
- Called for a simpler tax system with two tax rates and a generous standard deduction.
- Supports making permanent the 2001 and 2003 income tax cuts and has proposed cutting the corporate tax rate to 25 percent from 35 percent and allow businesses to immediately write off capital expenses.
- Called for quick separate meetings of mortgage lenders and accountants to hash out solutions to housing crisis.
- Believes government assistance to banking system should be based solely on preventing systemic risk that would endanger the entire financial system and economy.