Obama unveils $75 billion economic stimulus plan

Associated Press

LAS VEGAS — Democratic presidential hopeful Barack Obama unveiled a $75 billion economic stimulus package today that his campaign said would put an immediate $250 in the hands of workers and seniors, stem the foreclosure crisis and cover state budget shortfalls.The plan, which expands on his campaign platform, outlines tax relief well ahead of a decision on who will secure the Democratic nomination or which candidate will win the general election in November.”Obama believes we cannot wait until he becomes president to give workers the tax relief they need,” according to a policy paper sent to The Associated Press.Obama, the senator from Illinois, called on the government to make available a $250 tax credit to 150 million workers in an offset of the payroll tax on the first $8,100 of earnings. He urged a further $250 tax credit per worker if employment declines three months in a row.He would also bump up Social Security payments to seniors who would not benefit from the credit with a one-time $250 payment, with another $250 if employment declines three months straight.The relief would cost $45 billion, plus another $45 billion if the economy weakened.Obama also pledged $10 billion to increase pre-foreclosure counseling and help “responsible homeowners” refinance their mortgages or sell their homes.The plan also calls for $10 billion for states and local governments that have seen revenue shortfalls as a result of the housing crisis, caused by falling property values and sales tax declines.In addition, Obama called for $10 billion to lengthen the period of eligibility for those receiving unemployment insurance, while loosening the criteria to become eligible to include many part-time and nontraditional workers.