Obama-Biden plan link
However, whether it will exactly be the same may depend on how the crisis will further proceed.
It is better to get to this direct source for information on Obama-Biden plan.
But some questions remain:
How will it be modified ?
Will it be successful in lifting US from financial turmoil ?
Excerpt from the initial Obama-Biden plan:
(for details of Obama-Biden plan, refer to the website; updates may be available from its Newsroom)
plan to revitalize the economy
1. Immediate Action to Create Good Jobs in America
- A New American Jobs Tax Credit
($3,000 refundable tax credit for each additional full-time employee hired)
- Raise the small business investment expensing limit to $250,000 through the end of 2009
- Zero capital gains rate for investment in small businesses
- Save one million jobs through immediate investments to rebuild America's roads and bridges and repair our schools
($25 billion immediately available in a Jobs and Growth Fund)
- Partner with America's automakers to help save jobs and ensure that the next generation of clean vehicles is built in the United States
($50 billion in loan guarantees)
2. Immediate Relief for Struggling Families
- A tax cut for 95 percent of workers and their families -- plus seniors
permanent tax cut of $500 for workers and $1,000 for families
extend these expedited tax credits to senior citizens who are retired as a down payment on his plan to eliminate taxes for all seniors making up to $50,000.
- Extend unemployment insurance benefits and temporarily suspend taxes on these benefits
- Penalty-free hardship withdrawals from IRAs and 401(k)s in 2008 and 2009
allow withdrawals of 15% up to $10,000 from retirement accounts without penalty (although subject to the normal taxes)
- Instruct the Treasury to allow seniors to delay required withdrawals from 401(k)s and IRAs
- Funds to counteract high heating costs this winter
3. Direct, Immediate Assistance for Homeowners, Not a Bailout for Irresponsible Mortgage Lenders
- Instruct the Secretaries of the Treasury and Housing and Urban Development (HUD) to use their existing authority to more aggressively modify the terms of mortgages
HOPE for Homeowners Act
- Reform the bankruptcy code to assist homeowners and remove legal impediments to encouraging broader mortgage restructuring
- Enact a 90-day foreclosure moratorium for homeowners who are acting in good faith
- Provide $25 Billion in state fiscal relief to help avoid painful property tax increases
- Create a universal mortgage tax credit for homeowners
10 percent refundable tax credit on the mortgage interest paid by hardworking American families who do not itemize their taxes
4. A Rapid, Aggressive Response to Our Financial Crisis, Using All the Tools We Have
- Be prepared, if necessary, for broader assurances for credit to banks
- Extend asset purchases to unfreeze other critical sectors
- Make credit available to small businesses and state or local governments
- Address the credit crisis facing our states and localities
- Address the credit crisis facing our small businesses
two immediate steps:
(1) a nationwide emergency lending facility for small businesses that could be run through the SBA's Disaster Loan Program, which helped thousands of businesses in the wake of 9/11;
(2) temporarily eliminating fees on the SBA's 7(a) and 504 loan guarantee programs for small businesses, to help increase private lending for small businesses.