Obama Shares Details of Economic Plan

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Democratic presidential candidate Barack Obama on Monday shared the details of his economic rescue plan while campaigning in Ohio.

"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 told a crowd of 3,000.

"It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S."

Obama is calling for a 90-day moratorium on foreclosures. The Illinois senator says if a bank is participating in the federal bailout, it should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

"We gotta act now. 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," Obama said.

He's also proposing tax breaks for businesses that create jobs. And Obama wants to let people withdraw up to $10,000 from their retirement accounts without any penalty this year and next.

His call for action comes just two days before the final debate of the presidential race.

Source: CBN News, The Associated Press

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