The two candidates trade attacks just three weeks before America sends one to the White House.
In their final debate, Senators John McCain and Barack Obama may have just reiterated their platforms for the economy, but some changes announced by each may benefit middle class America.
McCain surprised everyone in the second debate by announcing his plan for using $300 billion of the bailout plan to buy the troubled mortgages from the distressed financial institutions. In the final debate, McCain assured voters that new mortgage plans will be provided to homeowners to make their payments more affordable. But McCain caused a stir when he suggested that taxpayers will shoulder the difference in the face value of the mortgage. A report by Julie Davis of the Associated Press, however, reveals that these loans have been repackaged in a way that will make it hard for the government to buy them back.
McCain used his last debate to repeat his plans for a monitoring program on the bailout plan to ensure greater oversight. He also proposed an across-the-board spending cut by the government once he sits in the office. The Republican nominee believes that the excess support that America extends to other countries has to be severely mitigated. McCain exhibited composure with slight tones of belligerence against his rival, accusing Obama of receiving proceeds from the two government sponsored enterprises.
Meanwhile, Obama also called for stronger oversight as well as the firing of those CEOs responsible for the crisis and greater tax cuts for the middle class. To restore financial stability, he would encourage cuts to private and public spending. During the debate, Obama had a way of diverting negative questions to his favor when asked anything that he didn’t know. The reserved Democrat gave long answers that left viewers befuddled on whether he gave an honest reply or if he played it too safe. As always, Obama swaggered with his rhetoric in attacking McCain and cited his recent successes in the senate.
The last debate covered domestic policies including healthcare, taxation and national security. It covered less of the property market issues unlike in the two previous meetings. McCain believes that his plans focus on short-term fixes with mortgage buying as the first step toward achieving a pragmatic solution. Obama reiterated his four-point plan starting with employment creation, tax cuts for the middle class and provision of assistance to homeowners but not in the same line with McCain’s $300-billion mortgage acquisition.
What will they sacrifice?
An interesting question posed again to the candidates was what they would each sacrifice for the successful implementation of their strategies. McCain pushed for the funding on nuclear energy that will lead to energy independence. He also called for the elimination of excessive government spending on marketing assistance programs and subsidies for ethanol. Obama, on the other hand, advocated investing in nuclear power and proposed a halt in subsidizing insurance companies. The candidates have justified their answers strongly to convince voters that the market crisis has to be prioritized along with healthcare, security and education.
With only three weeks left before the country casts votes, the two nominees still have a long way to go in convincing Americans to work with them in the fulfillment of their respective platforms.