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Obama, McCain unveil new economic proposals
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10:08, October 11, 2008

Obama, McCain unveil new economic proposals
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· U.S. Presidential Election 2008
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Amid deepening financial crisis, both presidential candidates laid out new economic proposals Friday to attract economy-weary voters.

Campaigning in Ohio, Democratic senator Barack Obama unveiled a plan to help rescue small-business owners struggling to stay afloat in the sinking economy.

He called for a program of loans for small businesses made through either the federal Small Business Administration (SBA)'s Disaster Loan Program or by private lenders.

The private loans also would be guaranteed by the SBA, Obama said.

The plan also would eliminate all capital gains taxes for small businesses and start-ups.

US Democratic presidential nominee Senator Barack Obama (D-IL) speaks at a campaign rally at the Ross County Courthouse in Chillicothe, Ohio, October 10, 2008.(Xinhua/Reuters Photo)

Meanwhile, at a campaign event in Wisconsin, Republican senator John McCain proposed suspending the requirement that investors begin selling their stock holdings on their retirement fund accounts as they reach the age of 70 and a half.

"We must also protect investors -- especially those relying on their investments for retirement," he said.

It is McCain's second major economic proposal of the week.

U.S. Republican presidential nominee Senator John McCain (R-AZ) speaks during a rally in Mosinee, Wisconsin October 9, 2008.(Xinhua/Reuters Photo)

He had said in his second debate with Obama on Oct. 7 that he would buy bad mortgages and help homeowners refinance into more affordable loans.

However, polls show that the impact of financial crisis has tilted the balance of the presidential race toward Obama, who has maintained a 6 percent to 7 percent lead over McCain since the crisis started.

Source: Xinhua

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