Word: plan
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Under the new legislation, which also provides billions to save the country's two largest mortgage banks, Fannie Mae and Freddie Mac, the Department of Housing and Urban Development (HUD) has 60 days to lay out a plan for how the homeowner aid will be disbursed via state and local agencies. After that it has 30 days to send it out. Officials like Rosemond, who this summer created a foreclosure prevention program in his city to help distressed homeowners buy more time, hope that lenders who are poised to pounce with notices will hold off until the money arrives...
...expect McCain to change his rhetoric on the stump. That's not how this game is played. On Wednesday, the Obama campaign put out a press release claiming that McCain's economic plan was "$2.8 trillion more expensive than his advisers previously admitted." These were ominous words, playing into the old story line about Republicans using budget gimmickry. But the statement was largely based on an interpretation of a tax plan - for an optional alternative income-tax system, with a flat rate - that McCain has never described in detail, let alone with enough specificity to gauge. And it uses...
...takes some serious work to figure out what they are actually getting at. Neither candidate has laid out an actual plan, with specific numbers, to bring America's fiscal house into order. They do, however, offer plans that differ strikingly from each other. McCain's tax plan benefits mostly those in higher income brackets, while Obama's plan benefits mostly those in lower- and middle-income tax brackets. McCain wants a tax cut for corporate profits, while Obama has proposed a whole host of tax cuts that will benefit those in the middle-income brackets. Both candidates have new spending...
...what is a concerned voter to do? One good way to measure the fiscal responsibility of a candidate's plan is to compare the total amount of government revenue from taxes they plan to raise against the gross domestic product, which is the sum total of the nation's economic activity. According to congressional accountants, the Federal Government spent about 20% of the GDP in 2007, while taking in 18.8% of the GDP in taxes. The difference between spending and tax receipts - about $162 billion - was the budget deficit...
...State Condoleezza Rice said that "more needs to be done" to choke off the flow of militants across the border from Pakistan. "We understand that it's difficult, we understand that the North-West Frontier area is difficult, but militants cannot be allowed to organize there and to plan there and to engage across the border," she told reporters during a visit to Australia...