Politics & Government

Obama outlines economic plan that includes foreclosure aid

RALEIGH, N.C. — Democratic presidential contender Barack Obama told a Raleigh audience Monday that Republican John McCain's economic policies would echo those of President Bush, and he pledged to restore prosperity from the bottom up.

The speech before an invitation-only audience of about 500 at the North Carolina State Fairgrounds was the beginning of a two-week series of speeches on economic issues. Among his proposals:

-- Placing greater emphasis on science and technology and creating jobs "by rebuilding our schools, roads, bridges, and other critical infrastructure that needs repair."

-- The immediate creation of a $10 billion Foreclosure Prevention Fund to provide direct relief to victims of the housing crisis and a tax credit to low- and middle-income Americans that would cover 10 percent of their mortgage interest payment every year.

-- Bring down health insurance premiums by $2,500 for families, and prevent insurance companies from discriminating against those who need care.

-- Increase corporate taxes and use the money to help pay for a middle-class tax cut that will provide $1,000 of relief to 95 percent of workers and their families.

-- Eliminate income taxes for any retiree making less than $50,000 per year. He said he will not privatize Social Security.

-- Make sure CEOs can't "dump your pension with one hand while they collect a bonus with the other."

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