Obama Calls For 90-Day Moratorium On Foreclosures, No Penalty Retirement Withdrawals, Tax Breaks For Creating Jobs

News Type: Event — Seeded on Mon Oct 13, 2008 2:27 PM EDT

Article Source: Yahoo! News

Obama said that banks participating in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

"We need to give people the breathing room they need to get back on their feet," he said, adding that families living beyond their means share some of the responsibility.

He also called for a $3,000 tax credit for each additional full-time job a business creates. That means a business that adds five jobs would get a $15,000 break. That would end after 2010 and would cost $40 billion, the campaign estimates.

Obama also is proposing letting people withdraw up to 15 percent of their retirement funds, to a maximum of $10,000, without any penalty this year and next. They would still have to pay normal taxes on the money. He said letting people dip into their IRAs and 401(k)s would help them get through tough times when money is tight.

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1.5

{"commentId":3462241,"authorDomain":"newsguru"}

newsguru

I think all are good ideas. Tax breaks for creating jobs makes sense. And 3 months would be adequate for many people to get caught up on the bills.

Who cares how much you have in a retirement account if you can't use it when you're being put out of your house?It's good he put a cap on it though, it would cause an avalanche of sell orders on the stock market, pushing stock prices down further.

{"commentId":3462241,"threadId":"387351","contentId":"1993332","authorDomain":"newsguru"}

1 vote

#1 - Mon Oct 13, 2008 2:38 PM EDT

{"commentId":3914065,"authorDomain":"yetanothertomas"}

Tomas aka tOM

Did anything ever come of this proposal?

{"commentId":3914065,"threadId":"387351","contentId":"1993332","authorDomain":"yetanothertomas"}

1 vote

#2 - Wed Nov 5, 2008 2:59 PM EST

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Obama Calls For 90-Day Moratorium On Foreclosures, No Penalty Retirement Withdrawals, Tax Breaks For Creating Jobs

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