As far as debates go this was a weird one. Awkward and disjointed, from Brokaw’s moderating, to the stilted rebuttals, to the jokes that bombed. That said, the theme tonight was—surprise—the economy.
WSJ: Republican Sen. John McCain called for a $300 billion program to help financially troubled homeowners stay in their homes, a proposal he made Tuesday during the second presidential debate.
Sen. McCain used the nationally televised debate with Democratic Sen. Barack Obama to unveil the government assistance plan and counter the U.S. economic crisis that has put his presidential campaign largely on the defensive.
“I would order the secretary of the Treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes, at the diminished value of those homes,” he said, laying out for the first time a plan that goes beyond the $700 billion bailout package passed by Congress last week. “Is it expensive? Yes. But we all know, my friends, until we stabilise home values in America, we’re never going to start turning around and creating jobs and fixing our economy.”
Sen. Obama argued he would help the middle class through a targeted tax cut, as well as help for state and local governments, health-care reform and energy innovations.
“You need somebody working for you,” Sen. Obama said. “And you’ve got to have somebody in Washington who’s thinking about the middle class and not just those who can afford to hire lobbyists.”
Bloomberg: John McCain said he would order the Treasury Department to buy up bad mortgages in the U.S. and allow homeowners to renegotiate, as he and rival Barack Obama clashed over their economic proposals and records.
“I would order the secretary of Treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes,” McCain said tonight during their second debate, a town hall-style forum at Belmont University in Nashville, Tennessee.
Versions of the mortgage proposal have been floated previously by the Republican nominee and others as Congress debated a $700 billion plan to rescue financial markets. “Is it expensive? Yes,” McCain said. “But we all know, my friends, until we stabilise home values in America, we’re never going to start turning around and creating jobs and fixing our economy.”
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