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
RSSSource: *Oct. 13, 2008 Speech, Chicago
