Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

2 of 22
BACKNEXT
Economic Crisis Response
Economic Crisis Response
Obama wants to let savers tap into the retirement plans without early-withdrawal penalties:

· Temporarily allow penalty-free early withdrawals from IRAs and 401(k)s of up to 15% of the balance but not more than $10,000.

· Temporarily suspend rule that seniors age 70 1/2 take required annual distribution from retirement account.

· Give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States.

· Temporarily eliminate taxes on unemployment benefits.

· Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."

· Let federal government lend to state and municipal governments to help counter the budget crunch faced by states due to the mortgage crisis.

"We must move forward, quickly and aggressively, with a middle-class rescue plan that will create jobs, provide relief to families, help homeowners and restore our financial system." -- Obama*

NEXT: Gas Prices
Last updated November 06 2008: 11:36 AM ET
Source: *Oct. 13, 2008 Speech, Chicago
More Galleries
The Obama economy in 10 charts President Obama came to office in January 2009 in the midst of the Great Recession. Much has turned around since then, but he's been criticized for a slow recovery. More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More
Top-paying jobs Anesthesiologists take home a median $335,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer