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| Politics
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| Obama, McCain debate on economic cr |
| Obama, McCain debate on economic crisis
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| UNITED STATES OF AMERICA
, 8-October-2008
0:24:24 AM |
| Democrat Barack Obama and Republican John McCain clashed repeatedly over the causes and cures for the worst economic crisis in 80 years and the Iraq war on Wednesday in their critical second presidential debate.
Both candidates shied away from the rancour and character attacks of the days leading up to the face-off.
The crumbling US financial system dominated the face-off, as McCain fought to stem his slippage in the polls. It apparently prompted him to propose a striking $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.
"Until we stabilise home values in America, we're never going to start turning around and creating jobs and fixing our economy, and we've got to get some trust and confidence back to America," McCain said.
McCain said he would direct the federal government to buy mortgages directly from homeowners and mortgage providers. The loans would be replaced with fixed-rate mortgages, ostensibly at a loss to the government.
McCain also said America's troubled economy would require the government to scale back benefits now enjoyed by older Americans, and both men agreed that US government entitlement programmes, social security retirement payments and medical insurance for the elderly, had to be overhauled.
Neither candidate offered new proposals on the Iraq war, which McCain supports and Obama has opposed from its inception.
The 72-year-old four-term Arizona senator said Obama would bring US troops home from Iraq in defeat. Obama, a 47-year-old first-term senator from Illinois, said the war was draining the US Treasury of $10 billion a month, money that was needed to put a floor under the country's failing financial system.
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