Financial crisis
OBAMA - Would freeze spending for all government programs except defense, veterans affairs and entitlement benefits. Would lower tax rates on withdrawals of up to $50,000 from IRA and 401(k) accounts to 10 percent. Supported the Treasury's $700 billion rescue plan for the financial system.
MCCAIN- Would give companies a $3,000 tax credit for each new full-time job created over the next two years. Would allow families to withdraw up to $10,000 from their retirement savings without penalties. Supported the Treasury's $700 billion rescue plan for the financial system.
Taxes
OBAMA - Would continue President Bush's tax cuts and make other cuts that would mainly affect upper-income families and corporations. Would pay for them by overhauling programs such as Social Security and Medicare, eliminating earmarks and implementing a spending freeze.
MCCAIN- Would allow the Bush tax cuts to expire for households earning more than $250,000. Would give a $500 tax credit to households earning less than $150,000. People over 65 who earn less than $50,000 would not have to pay income taxes. Would raise corporate taxes.
Housing
OBAMA - Initially opposed large-scale federal assistance but now says he would use $300 billion of the Treasury's $700 billion rescue plan to buy up bad mortgages from financial institutions and replace them with fixed-rate, government-guaranteed mortgages.
MCCAIN- Wants a 90-day freeze on foreclosures on people trying to make mortgage payments. Would allow bankruptcy judges to modify mortgage terms. Calls for increased regulation on lenders. Would work with state housing agencies to make broad mortgage restructurings.
Health care
OBAMA - Would cut regulations and allow insurance companies to sell across state lines. Would tax employer-provided health insurance but give tax credits ($2,500 for individuals and $5,000 for families) to help offset the cost of insurance. Would give subsidies to lower-income patients with pre-existing medical conditions to help them obtain insurance. Would not mandate universal coverage.
MCCAIN- Would create an agency to regulate the private insurance market. Consumers could choose to buy private insurance through the agency or the federal government. Would require providers to sell coverage to those who are already sick. Would require large businesses to provide employees with insurance or contribute to the cost. Would provide subsidies for lower-income patients and mandate coverage for children.
