This week, both US presidential candidates are focusing their campaigns on economic issues. And in their attempt to woo voters on the campaign trail, John McCain and Barack Obama, have laid out rival economic plans.
The Republican candidate, John McCain, said his Democratic rival’s aim was to make voters pay more taxes.
And Barack Obama, the Democratic candidate, accused Mr McCain of offering a plan that would benefit only big corporations and multi-millionaires.
Mr McCain launched his “Jobs for America” plan in Denver. While unveiling his proposals, the Arizona senator accepted that the economy was “slowing”, and accused his Democratic rival of favouring policies that would be economically harmful.
“If you believe you should pay more taxes… Senator Obama is your man”, he said, adding : “I will cut them where I can.”
The Republican candidate called for a cut in estate tax, an increase in the tax deduction Americans with children receive, an expansion in free trade agreements and a review of government spending.
‘Middle-class tax cut’
He added that small businesses would be stifled and job growth halted by Barack Obama’s plan to oblige employers to provide healthcare schemes for employees.
Though he had planned to outline his economic plan in North Carolina, Mr Obama did it in St Louis, Missouri, where his plane made an unscheduled landing because of a malfunction.
John McCain’s proposals were “very much the same as those we have seen from the Bush Administration”, he said, adding that his rival’s tax-cut plans would “add more than $2 or $3 trillion to the national debt over the next decade and weaken our economy even further”.
Then he pledged to introduce a stimulus package in order to help Americans struggling with current economic conditions, on top of “a middle-class tax cut that will provide $1,000 of relief to 95% of workers and their families”, which will be funded by closing down “corporate loopholes and tax havens”.
While Barack Obama was preparing to unveil his economic plan, his campaign team revealed that this summer, the Illinois senator will make his speech in a 76 000 capacity sports stadium. It will be the last night of this summer’s Democratic National Convention, where Mr Obama will make his speech accepting the Democratic presidential nomination.
Though the first three days of the Convention will be held as planned at a Denver convention centre, the finale will be moved to the Invesco Field at Mile High Stadium, home to the Denver Broncos American Football team.