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McCain vows fight-back on economy | McCain vows fight-back on economy |
(9 minutes later) | |
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 to reduce capital gains tax on shares held for a year or more. | |
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 was ahead by a margin of 53% to 43%. | |
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 plans | If 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." |
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 economy | Barack 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. |