Obama Offers Ways to Prevent More Foreclosures


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Recently Senator Barack Obama announced his plan to help put less strain on the economy and more stimuli in the circulation of money. He has decided on a $175 billion stimulus package. He has announced where $60 billion will be going to. The focus is to get small businesses going along with keeping auto manufacturers afloat. He is proposing tax cuts of various sorts along with ways of helping homeowners stay out of foreclosure.

A $3,000 tax credit will be given to employers that continue to hire. This will go towards each person that they hire in order to encourage job offers rather than job loss. A specific on tax cuts is to allow people to borrow from their retirement money without a tax penalty. Obama has also proposed an elimination of tax on unemployment benefits.

Senator Obama included in his package deal to offer $50 billion for auto makers loan guarantees. He wants the Treasury and Federal Reserve to create a way for lending to states and their struggling cities that have fiscal problems such as Sacramento, California. He proposes a 90 day moratorium for most home foreclosures. This will be a way to help those that are attempting to pay their mortgage even if it isn’t in full. “We need to give people the breathing room they need to get back on their feet,” Senator Barack Obama stated in a recent speech in Ohio.
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