John McCain's Economic Plan
John McCain's Economic Plan
Families Relief |
Government Reform |
Healthcare | Taxes |
for American Families
Gas and Food Prices
John McCain will help Americans hurting from high gasoline and food
costs. Americans need relief right now from high gas prices. John
McCain will act immediately to reduce the pain of high gas prices.
John McCain believes we should send a strong message to world
markets. Under his plan, the United States will be telling oil
producing countries and oil speculators that our dependence on
foreign oil will come to an end - and the impact will be lower
prices at the pump.
John McCain's policies will increase the value of the dollar and
thus reduce the price of oil. In recent years, the declining value
of the dollar has added to the cost of imported oil. This will
change. Americans will have a stronger economy, a stronger dollar
and greater purchasing power for oil, gas and food.
John McCain believes we should institute a summer gas tax
holiday. Hard-working American families are suffering from higher
gasoline prices. John McCain called on Congress to suspend the 18.4
cent federal gas tax and 24.4 cent diesel tax from Memorial Day to
Reuters: Gas Tax Holiday "Of Most Immediate Effect To Consumers."
"Of most immediate effect to consumers was his appeal to the U.S.
Congress to suspend the 18.4 cent federal gas tax and 24.4 cent
diesel tax from Memorial Day at the end of May to Labor Day in early
September." (Steve Holland, "McCain Proposes Tax Cuts And Lashes
Democrats," Reuters, 4/15/08)
USA Today: "A USA TODAY Analysis Showed That McCain's Gas-Tax
Proposal Could Save Motorists $6.8 Billion In Taxes During The
Summer." (Kathy Kiely, "Gas-Tax Holiday Among McCain's Plans For
Economy," USA Today, 4/16/08)
John McCain will repeal the 54 cents per gallon tax on imported
sugar-based ethanol, increasing competition, and lowering prices of
gasoline at the pump.
John McCain will roll back corn-based ethanol mandates, which are
contributing to the rising cost of food.
John McCain believes there is nothing more important than keeping
alive the American dream of owning a home. Priority number one is to
keep well-meaning, deserving home owners who are facing foreclosure
in their homes.
John McCain's approach to helping sub-prime or other financially
strapped mortgage borrowers is built on sound principles:
No taxpayer money should bail out real estate speculators or
financial market participants who failed to perform due diligence in
assessing credit risks. Any assistance for borrowers should be
focused solely on homeowners and any government assistance to the
banking system should be based solely on preventing systemic risk.
Any policy of financial assistance should be accompanied by
reforms that promote greater transparency and accountability to
ensure we never face this problem again.
John McCain has proposed a new "HOME Plan" to provide robust, timely
and targeted help to those hurt by the housing crisis. Under his
HOME Plan, every deserving American family or homeowner will be
afforded the opportunity to trade a burdensome mortgage for a
manageable loan that reflects their home's market value.
Eligibility: Holders of a sub-prime mortgage taken after 2005 who
live in their home (primary residence only); can prove
creditworthiness at the time of the original loan; are either
delinquent, in arrears on payments, facing a reset or otherwise
demonstrate that they will be unable to continue to meet their
mortgage obligations; and can meet the terms of a new 30 year
fixed-rate mortgage on the existing home.
John McCain's HOME Plan Will Keep 200,000 To 400,000 Families
From Losing Their Homes. "But at the same time, McCain is calling
for aggressive federal action to help keep 200,000 to 400,000
families from losing their homes. That plan has many of the elements
of a proposal by Rep. Barney Frank, D-Mass., and Sen. Chris Dodd,
D-Conn., requiring participating lenders to forgive part of the loan
principal and then write a new loan that would be backed by the
federal government through the Federal Housing Administration." (Tom
Raum, "Everyone's Invited: McCain Economic Plan Draws From Both
Parties," Tucson Citizen, 4/17/08)
How It Works: Individuals pick up a form at any Post Office or
download the form over the Internet and apply for a HOME loan. The
FHA HOME Office certifies that the individual is qualified, and
contacts the individual's mortgage servicer. The mortgage servicer
writes down and retires the existing loan, which is replaced by an
FHA guaranteed HOME loan from a lender.
John McCain will bolster groups like Neighborworks America that
provide mortgage assistance to homeowners in their communities.
Keeping The Credit Crunch From Hurting College Students
John McCain is proposing a student loan continuity plan. Students
face the possibility that the credit crunch will disrupt loans for
the fall semester. John McCain calls on the federal government and
the 50 governors to anticipate loan problems and expand the
lender-of-last resort capabilities for each state's guarantee
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