TOLEDO, Ohio — Democratic Sen. Barack Obama on Monday called for a moratorium on mortgage foreclosures as part of a package of proposals to deal with the effects of the economic crisis on voters, while Republican Sen. John McCain portrayed himself as a fighter who should not be counted out of the race for president.
The presidential candidates campaigned in Ohio and Virginia, must-win states for McCain.
At a rally, Obama unveiled four proposals to help people caught in the economic meltdown and the gyrating stock market.
“We can’t wait to help workers and families and communities who are struggling right now — who don’t know if their job or their retirement will be there tomorrow, who don’t know if next week’s paycheck will cover this month’s bills,” he told 3,000 supporters in a convention center in this northwest Ohio city. “We need to pass an economic rescue plan for the middle class, and we need to do it not five years from now, not next year; we need to do it right now.”
Under Obama’s proposal, companies that create jobs in 2008 and 2009 would receive a $3,000 tax credit per worker. Families would be able to withdraw 15 percent from IRA or 401(k) accounts, up to $10,000, without penalty. Families facing foreclosure would get a 90-day reprieve if they are working with finance companies taking part in the $700-billion rescue package Congress passed in September, and if they are making a good-faith effort to pay their mortgages.
Finally, Obama would like the Federal Reserve and the Treasury Department to create an agency to lend money to states and cities that are caught in the credit crunch.
Some of the proposals could be done under existing law, such as the foreclosure moratorium. Others, such as allowing workers to dip into retirement accounts, would require legislative action. Obama called on Congress to act immediately.
“If Washington can move quickly to pass a rescue plan for our financial system, there’s no reason we can’t move just as quickly to pass a rescue plan for our middle class that will create jobs and provide relief and help homeowners,” he said.
McCain campaigned Monday in Virginia, whose 13 electoral votes are up for grabs. The state has not gone Democratic in a presidential election since 1964, but recent polls have given Obama a lead varying from a few points to double digits.
Before a boisterous crowd in Virginia Beach, Va., and later in Wilmington, N.C., McCain offered a gloomy prognosis for the nation’s economy and argued in fierce language that he was a fighter more qualified than Obama to lead the nation.
Aides told the Associated Press that McCain would deliver an economic-policy speech today aimed at helping the middle class weather the financial crisis.
In his Virginia speech, McCain repeatedly alluded to his 5 1/2 years as a prisoner of war in North Vietnam. Seeking to present himself as a battle-tested candidate with the “scars to prove it,” he promised to fight for the well-being of the American people.
“We have to change direction now and we have to fight. And you and I know how to do that,” McCain told the 10,000 to 12,000 people at the rally. “If I’m elected president, I will fight to take America in a new direction from my first day in office until my last. I’m not afraid of the fight; I’m ready for it.”
McCain strongly distanced himself from President Bush.
The country “cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change,” McCain said. “The hour is late; our troubles are getting worse; our enemies watch.”
Obama and McCain meet Wednesday in their final debate, which will include questions on domestic and foreign issues.
He later added: “Senator Obama is measuring the drapes, and planning with Speaker (Nancy) Pelosi and Senator (Harry) Reid to raise taxes, increase spending, take away your right to vote by secret ballot in labor elections, and concede defeat in Iraq.
“But you know what that they forgot? They forgot to let you decide. My friends, we’ve got them just where we want them.”
Obama leading McCain, poll says
According to a new Washington Post-ABC News poll:
Democratic Sen. Barack Obama is leading Republican Sen. John McCain 53 percent to 43 percent among likely voters, and for the first time in the general-election campaign, voters gave the Obama a clear edge on tax policy and providing strong leadership.
The margin of error is plus or minus 3.5 percentage points.
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