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McCain vows fight-back on economy McCain vows fight-back on economy
(about 2 hours later)
Republican US presidential candidate John McCain is set to unveil a new economic plan, as he vows to overhaul Barack Obama's poll lead. Republican US presidential candidate John McCain has unveiled a new economic plan, as he vows to overhaul Barack Obama's poll lead.
A McCain aide said the plan would focus on "those most badly hurt: workers, homeowners, savers and seniors". Senator McCain pledged to eliminate tax on unemployment benefits and reduce capital gains tax on stocks held for a year or more.
It is expected to include $52.4bn of tax cuts, aimed largely at boosting the retirement income of people hit by the downturn in the stock market. The plan includes $52.4bn of tax cuts, aimed largely at boosting the income of retirees hit by the market downturn.
Mr Obama outlined his "economic rescue plan for the middle class" on Monday.Mr Obama outlined his "economic rescue plan for the middle class" on Monday.
Mr McCain is expected to tell his supporters in the swing state of Pennsylvania that urgent measures are needed to deal with the economic crisis. 'Written off'
His economic aides have indicated that they will include a lower tax rate on private pension income, cuts to capital gains taxes, and a tax holiday for those receiving unemployment benefits. Most opinion polls give Mr Obama a clear lead over his Republican rival.
And Mr McCain will restate his earlier proposal, under which the Federal government would buy up distressed mortgages and re-issue them with a reduced burden for homeowners. An ABC/Washington Post poll, released on Monday, suggested the Democrat had a margin of 53% support to 43% for Mr McCain.
Fighting on
On Monday Mr McCain told supporters it was too early to count him out, despite a poll giving Mr Obama a clear lead.
"We're six points down," he told a rally in the key state of Virginia. If McCain can focus on the issues, he might claw back some ground Matthew Price: Campaign Trail
"The national media has written us off... But they forgot to let you decide. My friends, we've got them just where we want them."
The ABC/Washington Post poll, released on Monday, suggested the Democrat had a margin of 53% support to 43% for Mr McCain.
Of those voters who rate the economy as the most important issue, 62% favour Mr Obama, while 33% prefer Mr McCain.Of those voters who rate the economy as the most important issue, 62% favour Mr Obama, while 33% prefer Mr McCain.
Mr McCain used his campaign stops on Monday to criticise the economic policies of Republican President George W Bush. If McCain can focus on the issues, he might claw back some ground class="" href="http://www.bbc.co.uk/blogs/thereporters/matthewprice/2008/10/hearing_the_issues.html">Matthew Price: Campaign Trail class="" href="/1/hi/world/americas/us_elections_2008/7669013.stm">Comparing the economic plans
"We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change," he said. But in a speech on Monday, Mr McCain dismissed the polls.
"The hour is late; our troubles are getting worse; our enemies watch. We have to act immediately." "We're six points down," he told a rally in the key state of Virginia.
Rival plan "The national media has written us off... But they forgot to let you decide. My friends, we've got them just where we want them."
Senator Obama had outlined his own economic rescue plan earlier on Monday while speaking at a rally in Toledo, Ohio.Senator Obama had outlined his own economic rescue plan earlier on Monday while speaking at a rally in Toledo, Ohio.
Barack Obama on his proposals for the economyBarack Obama on his proposals for the economy
The Illinois senator said he would suspend home foreclosures by some banks for 90 days and give firms a $3,000 (£1,735) tax credit for every job they create.The Illinois senator said he would suspend home foreclosures by some banks for 90 days and give firms a $3,000 (£1,735) tax credit for every job they create.
He also pledged to let people withdraw up to 15% of their pension plans (or $10,000) without tax penalties and to create a federal fund that would lend to city and state governments.He also pledged to let people withdraw up to 15% of their pension plans (or $10,000) without tax penalties and to create a federal fund that would lend to city and state governments.
"It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S," he told the crowd."It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S," he told the crowd.
Mr McCain's team has indicated a change of tack after a series of personal attacks on Mr Obama.Mr McCain's team has indicated a change of tack after a series of personal attacks on Mr Obama.
Over the weekend, the Republican candidate became embroiled in a war of words after a civil rights icon, Democratic congressman John Lewis, said the tone of his campaign had reminded him of 1960s segregationist George Wallace.Over the weekend, the Republican candidate became embroiled in a war of words after a civil rights icon, Democratic congressman John Lewis, said the tone of his campaign had reminded him of 1960s segregationist George Wallace.