On economy, it's Obama relief package vs. McCain repackage

Advice from a supporter at a rally in Virginia Beach, Va., Monday, for Sarah Palin and John McCain


BY DAVID SALTONSTALL
DAILY NEWS SENIOR CORRESPONDENT

Tuesday, October 14th 2008, 1:57 AM

Barack Obama offered a new package of economic proposals, while John McCain repackaged himself Monday as the presidential contenders tried to seize the economic high ground before their final debate.

As they prepared for Wednesday's faceoff at Long Island's Hofstra University, the economy remained the paramount issue on the campaign trail - even as the Dow posted its biggest one-day point gain ever.


Obama unveiled a bevy of new proposals aimed at easing the pain for distressed families and homeowners, while McCain went for a more stylistic makeover - offering a new, feistier stump speech that sought to put more distance between himself and the unpopular President Bush.

"We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change," McCain said in one of his sharpest jabs at his fellow Republican.


McCain pledged anew to cut taxes, freeze spending and help distressed homeowners, while also casting Obama as a presumptuous front-runner who will raise taxes and increase spending.

"Sen. Obama is measuring the drapes," McCain charged, dusting off a line that both President Bush and his father have used against Democrats in the past. "But they forgot to let you decide. My friends, we've got them just where we want them."


Obama, for his part, stuck to the numbers and unveiled four new planks in his economic platform, including:


  • A 90-day moratorium on home foreclosures, provided homeowners are making good-faith efforts to pay mortgages.

  • A two-year, $3,000-per-job tax break for businesses that create new jobs.

  • Legislation allowing families to withdraw 15% of their retirement savings from IRAs or 401(k) plans - up to a maximum of $10,000 - without facing a tax penalty through 2009.

  • A new lending agency to help state and municipal governments weather the economic storm.
  • "It's a plan that begins with one word that's on everyone's mind," Obama said in Toledo, Ohio. "And it's spelled J-O-B-S."


dsaltonstall@nydailynews.com