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McCain vows fight-back on economy McCain vows fight-back on economy
(9 minutes later)
Republican US presidential candidate John McCain has unveiled a new economic plan, as he vows to overhaul Barack Obama's poll lead. The Republican US presidential candidate, John McCain, has unveiled a new economic plan, as he vows to overhaul Barack Obama's poll lead.
Senator McCain pledged to eliminate tax on unemployment benefits and reduce capital gains tax on stocks held for a year or more. Senator McCain pledged to eliminate tax on unemployment benefits and to reduce capital gains tax on shares held for a year or more.
The plan includes $52.4bn of tax cuts, aimed largely at boosting the income of retirees hit by the market downturn. The plan includes $52.4bn (£29.9bn) of tax cuts, aimed 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.
'Written off''Written off'
Most opinion polls give Mr Obama a clear lead over his Republican rival.Most opinion polls give Mr Obama a clear lead over his Republican rival.
An ABC/Washington Post poll, released on Monday, suggested the Democrat had a margin of 53% support to 43% for Mr McCain. An ABC/Washington Post poll, released on Monday, suggested the Democrat was ahead by a margin of 53% to 43%.
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 rated the economy as the most important election issue, 62% favoured Mr Obama, while 33% preferred Mr McCain, it said.
If McCain can focus on the issues, he might claw back some ground Matthew Price: Campaign TrailComparing the economic plansIf McCain can focus on the issues, he might claw back some ground Matthew Price: Campaign TrailComparing the economic plans
But in a speech on Monday, Mr McCain dismissed the polls.But in a speech on Monday, Mr McCain dismissed the polls.
"We're six points down," he told a rally in the key state of Virginia."We're six points down," he told a rally in the key state of Virginia.
"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 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. Mr Obama had outlined his own economic rescue plan 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.