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VoteGopher | Compare McCain and Obama | Economic Recovery

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06/30/2009 3:00 PM

Issue Homepage - Economic Recovery

PRESIDENT OBAMA: ACTIONS IN OFFICE

Aided troubled motor vehicle industry by renewing loans to Chrysler Corporation and General Motors
Arranged the terms of both corporations bankruptcies, helped negotiate sale of Chrysler Corporation, and arranged for the government to temporarily gain 60% equity stake in General Motors during reorganization
Claimed federal stimulus package responsible for roughly 650,000 American jobs
Key fed funds rate which affects borrowing across entire economy hits 40 year low of 2.0 percent.
Dow surpasses symbolic 10000 mark for first time in over a year following 7-month 53% surge
Signed $787 billion economic stimulus package that was 60% government spending and 40% tax cuts
Reportedly plans to use TARP money to create a public-private investment partnership that would purchase troubled assets from banks
If the largest banks fail to raise a government-determined amount of capital in six months, the government will provide the capital by purchasing preferred shares in the banks
Announced a new mortgage relief plan with government financing of reduced monthly rates for some homeowners and easier preconditions for refinancing
Will create a task force to decide whether GM and Chrysler should receive government aid

CANDIDATE OBAMA

ELECTION 2008

Supported a new stimulus package with tax rebates and aid to local governments
Supported TARP program and Bush administration bailout actions, but argued for CEO pay restrictions
Proposed government-backed mortgage relief for some subprime mortgage-holders
Supported extending and expanding unemployment insurance
Argued that economy and tax code are too skewed toward wealthy

CANDIDATE McCAIN ELECTION 2008
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DEMOCRATS

IN CONGRESS

Bills drawn up by Democrats all run the same line of making more people eligible for Medicaid, offering subsidies to help those with moderate-income purchase insurance, and forbid insurers from denying coverage due to pre-existing conditions
Democrats heatedly divided over whether or not to include a public option, a government insurance plan designed to compete with existing agencies’ policies in the exchange market
$894 billion house plan would merge a health and finance committee bill to include a public option while avoiding increasing the deficit and giving states the ability to opt-out
Democrats disagree on precisely how coverage should be expanded and made more affordable
Senate Finance Committee Chairman Max Baucus (D-MT) supports the Obama plan, but would add a mandate that all adults receive coverage once there are "affordable" options for all
Some liberals such as Ted Kennedy support extending Medicare to everyone, but will likely support an Obama or Baucus plan as a compromise
Some moderate Democrats support the Wyden-Bennett plan to end the employer-based system and mandate private insurance for all
All supported expanding SCHIP

REPUBLICANS

IN CONGRESS

All but unanimously oppose the public option
Most Republicans support creating health savings accounts and increasing portability of plans.
They tend to oppose increasing government involvement in coverage and market regulation.
Strongly oppose mandates for coverage.
A few have signed on to the Wyden-Bennett plan to end the employer-based system and mandate private insurance for all
Split on expanding SCHIP -- some support it, some say it is too costly

ISSUE BACKGROUND

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