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October 8, 2008

McCain Claims New Proposal to Refinance Mortgages
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On the economy, Mc Cain unveiled what he called a new plan for the
Treasury to buy up distressed mortgages to help struggling homeowners.

Sen. John Mc Cain: “As president of the United States, Alan, I would
order the secretary of the Treasury to immediately buy up the bad home
loan mortgages in America and renegotiate at the new value of those
homes
—at the diminished value of those homes and let people make those—be
able to make those payments and stay in their homes. Is it expensive?
Yes.”

The Obama campaign later said Mc Cain’s plan is already in the bailout
approved by Congress and that Obama has already proposed it. Obama said
Mc Cain’s credibility on addressing the economy is undermined by his
endorsement of Bush administration tax cuts.

Sen. Obama: “Now, when Sen. Mc Cain is proposing tax cuts that would
give the average Fortune 500 CEO an additional $700,000 in tax cuts,
that’s not sharing a burden. And so, part of the problem, I think, for a
lot of people who are listening here tonight is they don’t feel as if
they are sharing the burden with other folks.”

On energy policy, both candidates endorsed the use of nuclear power and
coal. Mc Cain took it a step further, dismissing Obama’s qualification
that nuclear power should come with safeguards.

Sen. Mc Cain: “What’s the best way of fixing it? Nuclear power. Senator
Obama says that it has to be safe or disposable, or something like that.
Look, I—I was on Navy ships that had nuclear power plants. Nuclear power
is safe, and it’s clean, and it creates hundreds of thousands of jobs.”



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