Blue Spot

Obama pledges second stimulus package | Freep.com | Detroit Free Press

WASHINGTON -- On the same day Republican presidential contender Sen. John McCain held a town hall in Warren, Democratic rival Sen. Barack Obama pledged to UAW members his support for a second economic stimulus plan with funding for low-interest loans to automakers, saying "America cannot truly prosper unless Michigan prospers."


"By providing tax credits and loan guarantees for our automakers and by expanding consumer tax incentives for ultra-efficient vehicles, I will provide real solutions necessary to help this industry compete and win in the global economy," Obama said in the letter released by his campaign today.

Obama and other Congressional Democrats have said they would push for a second stimulus plan in September that could reach $50 billion, an idea that the Bush administration has not favored so far. McCain opposes the loan program, as his campaign says his proposals -- a $5,000 consumer tax credit for efficient vehicles, a $300 million prize for electric vehicle batteries and strict goals for flex-fuel vehicles -- would accomplish the same goals.

Labels: Economy, Obama