McCain Pledges Balanced Budget by end of First term

Mr. McCain plans to talk about the economy – which has eclipsed Iraq and terrorism in polls of voter concerns – all week.

In February, Mr. McCain had proposed balancing the budget by the end of his first term as president. But when he announced a series of tax cuts in April, he said that he would balance the budget within eight years. He said then that “economic conditions are reversed,” making it difficult to balance the budget earlier.

Fact Sheet: John McCain's Jobs for America Economic Plan

John McCain Has Proposed A Jobs For America Economic Plan To Get Our Economy Back On Track. John McCain has a comprehensive economic plan that will create millions of good American jobs, ensure our nation's energy security, get the government's budget and spending practices in order, and bring relief to American consumers.<?xml:namespace prefix = o />

 

John McCain's Jobs For America Plan Will Especially Help Small Businesses. Small businesses create the majority of all jobs in America. A recent report says small businesses have created 233,000 jobs so far this year while other sectors are losing jobs. Small businesses are the job engine of America, and John McCain will make it easier for them to grow and create more jobs.

 

John McCain's Jobs For America Economic Plan Includes:

 

·         Immediate Relief For American Families.

·         Reforming Washington To Regain The Trust Of Taxpayers.

·         Pro-Growth, Pro-Job Creation Tax Policy.

·         Cheap, Clean, Secure Energy For America.

·         Better Health Care At Lower Costs For Every American.

·         Ensuring America's Economic Preeminence In The Global Economy.

 

IMMEDIATE RELIEF FOR AMERICAN FAMILIES

 

Gas And Food Prices:

 

John McCain Will Help Americans Hurting From High Gasoline And Food Costs. We 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 Signal To World Markets. Enhanced domestic production and developments of alternatives to oil will send a signal to markets that the United States is taking control of its energy future – and will translate into lower prices for American consumers.

 

·         John McCain Believes We Should Institute A Summer Gas Tax Holiday. Hard-working American families are suffering from higher gasoline prices. John McCain has called on Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.

 

·         John McCain Will End Policies That Contribute To Higher Transportation And Food Costs. Ethanol subsidies, tariff barriers and sugar quotas drive up food prices and hurt Americans. 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. He will also roll back corn-based ethanol mandates, which are contributing to the rising cost of food.

 

Home Foreclosures:

 

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 Is Proposing 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.

 

·         How It Works: Individuals pick up a form at any Post Office and applies 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 Calls For The Immediate Formation Of A Justice Department Mortgage Abuse Task Force. The Task Force will aggressively investigate potential criminal wrongdoing in the mortgage industry and bring to justice any who violated the law. The DOJ Task Force will offer assistance to State Attorneys General who are investigating abusive lending practices.

 

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 agency.

 

REFORMING WASHINGTON TO REGAIN THE TRUST OF TAXPAYERS