Obama outlines economic rescue plan

Source: Xinhua | 10-14-2008 08:00

WASHINGTON, Oct. 13 (Xinhua) -- U.S. presidential race front-runner Barack Obama on Monday rolled out what his campaign called a four-part "economic rescue plan" for the middle class.

U.S. Democratic presidential nominee Senator Barack Obama speaks at a campaign rally in Philadelphia,  October 11, 2008.(Xinhua/Reuters Photo)

"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 said at a rally in Toledo, Ohio.

"It's a plan that begins with one word that's on everyone's mind, and it's easy to spell: J-O-B-S," said the Democratic senator from Illinois.

Meanwhile, aides to his Republican opponent John McCain said their candidate would likely wait to lay out any further plans until the Treasury Department issues a report or recommendations on what to do with the bailout.

McCain has already unveiled a plan to buy 300 billion U.S. dollars in troubled mortgages and renegotiate the terms directly with homeowners.

On Oct.9, he endorsed the idea of suspending the current requirement that seniors start drawing down their IRAs and 401(k)s once they reach age 70 and a half.