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Obama Proposes $60 Billion In Tax Breaks

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Obama Proposes $60 Billion In Tax Breaks

Election 2008

Obama Proposes $60 Billion In Tax Breaks

Obama Proposes $60 Billion In Tax Breaks

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Democratic presidential hopeful Barack Obama told supporters in Toledo, Ohio, Monday that it's time people on Main Street got a rescue package. His proposal includes, among other things, tax breaks and a 90 day moratorium on mortgage foreclosures. The plan is expected to cost $60 billion over two years.

RENEE MONTAGNE, host:

Both presidential candidates have spoken in favor of the bailout plan. Yesterday, John McCain and Barack Obama campaigned in states that have voted Republican in recent presidential elections. For Senator McCain it was Virginia and North Carolina, two states that went for President Bush but which now have close races. We have two reports. First, we go to NPR's Don Gonyea with the Obama campaign in Ohio.

DON GONYEA: Barack Obama came to Toledo to talk about the economy. He supported the Wall Street rescue package that Congress approved. Now he says it's time for a similar effort to help Main Street.

Senator BARACK OBAMA (Democrat, Illinois; Democratic Presidential Candidate): The typical Ohio family has seen their income fall $2,500. It's getting harder and harder to make the mortgage or fill up the gas tank, or even keep the electricity on at the end of the month. At this rate, the question isn't just are you better off than you were four years ago? It's are you better off than you were four weeks ago?

(Soundbite of crowd cheering)

GONYEA: Obama offered specific proposals including a $3,000 tax credit to businesses for every new job created in the next two years, a 90-day moratorium on mortgage foreclosures, and allowing people to tap into their 401(k) retirement accounts for the remainder of this year and next without penalty. A maximum withdrawal would be $10,000. His focus on the economy keeps the pressure on John McCain in a state that's critical to Republican hopes for a victory in November. Obama accused the McCain campaign of focusing on political attacks in an attempt to change the subject from the issues voters want to hear about. But at one point yesterday, he also chided his own audience for its loud booing of the Republican nominee.

Senator OBAMA: Now my opponent - my opponent has made his choice. Last...

(Soundbite of crowd booing)

Senator OBAMA: Now we don't need that. Last week - we just need to vote. That's what we need to do.

(Soundbite of crowd cheering)

GONYEA: Today, Obama remains in Toledo. He has no public events. He'll use the time to prepare for tomorrow night's final presidential debate. Don Gonyea, NPR News, Toledo.

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