McCain, Obama Offer Differing Plans to Aid Economy

Susan Davis reports on the presidential debate. John McCain kicked off tonight’s third and final presidential debate touting his $300 billion plan for the U.S. government to buy up and renegotiate bad mortgages to aid homeowners and stave off foreclosures. “It doesn’t help their home if their next door neighbor’s is abandoned,” McCain said, as rival Barack Obama nodded. Obama agreed that homeowners need assistance but disagreed with McCain’s plan, calling it a potential “giveaway to banks.” “We don’t want to waste taxpayer money,” Obama said. He called the $700 billion aid package to the financial sector an “important first step” and noted that both candidates supported the bill that has not been warmly received by the electorate. Obama further called for an immediate end to corporate tax breaks for companies that “send jobs overseas” and instead said he would offer tax breaks to companies that create jobs in the U.S. ... (link)