McCain proposes $52.5-billion US economic plan
Last Updated: Tuesday, October 14, 2008 | 1:18 PM ET
The Associated Press
U.S. Republican presidential candidate Senator John McCain said Tuesday he would as president order the Treasury Department to guarantee 100 per cent of all savings for six straight months.
That provision is part of a $52.5-billion US plan he laid out to address the nation's deepening financial crisis.
McCain told a suburban Philadelphia audience that "the moment requires that government act. And as president I intend to act, quickly and decisively."
McCain also said he would eliminate taxes on unemployment benefits and reduce taxes on capital gains, individual retirement accounts and 401(k) plans.
McCain said President George W. Bush's $250-billion US plan to buy shares in the nation's leading banks should be short-term and last only until the institutions are reformed.
