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On the campaign trail, NBC's Kelly O'Donnell and CBS' Chip Reid covered the $52bn economic plan unveiled by Republican Presidential candidate John McCain. It would lower taxes for those with capital gains, who are few and far between, and for the unemployed, whose ranks are growing. Tax relief on unemployment benefits is supported by Democrat Barack Obama too, NBC's O'Donnell pointed out. However, CBS' Reid noted, the "lion's share" of the tax breaks was targeted at the elderly. "McCain hopes it will help him in the battleground states of Pennsylvania and Florida."
Obama had proposed his economic plan on Monday so ABC's Brianna Golodryga (embargoed link) put the two side by side. Both McCain and Obama propose more lenient tax laws on retirement assets; both seek tax breaks for corporations, McCain on their capital, Obama on their hiring. Their solutions for the bear market in residential real estate differ: Obama would impose a 90-day moratorium on foreclosure evictions; McCain would order the Treasury Department to spend $300bn to subsidize mortgage refinancing.
Golodryga repeated the conventional wisdom of economists: "Whoever wins this election will have an awfully tough time turning this economy around."
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