Obama unveils economic plan, pulls ahead in polls

Obama unveils economic plan, pulls ahead in polls Washington - Democratic presidential hopeful Barack Obama on Monday called for new measures to spur job growth and help homeowners threatened by foreclosure stay in their homes, as national polls showed the candidate pulling strongly ahead of Republican John McCain as voters focus on the economy.

"Right now, we face an immediate economic emergency that requires urgent action. We can't wait to help workers and families and communities who are struggling right now," Obama said at a campaign rally in the battleground state of Ohio. "We need to pass an economic rescue plan for the middle-class and we need to do it now."

The Illinois senator called for a tax credit for businesses that create new jobs and other tax measures aimed at small businesses and the middle class. He also said he would seek a 90-day moratorium on home foreclosures, which have hit records in the past year and severely damaged the balance sheets of banks spurring the current financial crisis.

His plan also would allow investors to take money from retirement accounts without early withdrawal penalties and lend federal money to state and local governments hit by the credit crisis.

McCain meanwhile questioned how Obama would pay for his proposals. "He can't spend that much without raising your taxes or digging us further into debt. I'm going to make government live on a budget just like you do," the Arizona senator said.

McCain on Monday focussed on his position as an underdog, as polls showed him sliding.

A Gallup Poll released Monday showed Obama leading McCain by 10 percentage points, with 51 per cent of registered voters favouring the Democrat versus 41 per cent for the Republican. Among those likely to go to the polls, Obama led 51 per cent to 44 per cent. The survey had a margin of error of plus, or minus, 2 percentage points.

Other polls showed similar advantages for Obama.

But McCain said it was too soon to write off his campaign, which came from behind in the primary elections to secure the party's nomination despite having once been written off as a long shot.

"The national media has written us off. Senator Obama is measuring the drapes and planning with Speaker (Nancy) Pelosi and Senator (Harry) Reid to raise taxes, increase spending - take away your right to vote by secret ballot and labor elections, and concede defeat in Iraq," McCain said.

"Nothing is inevitable here. We never give up. We never quit," he added. (dpa) 

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