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Immediate Relief
for American Families
John McCain will help Americans hurting from high gasoline and food costs. Americans need relief right
now from high gas prices. John McCain will act immediately to reduce the pain of high gas prices.
- John McCain believes we should send a strong message to world markets. Under his plan, the United
States will be telling oil producing countries and oil speculators that our dependence on foreign oil will
come to an end - and the impact will be lower prices at the pump.
- John McCain's policies will increase the value of the dollar and thus reduce the price of oil. In recent
years, the declining value of the dollar has added to the cost of imported oil. This will change.
Americans will have a stronger economy, a stronger dollar and greater purchasing power for oil, gas
and food.
- John McCain believes we should institute a summer gas tax holiday. Hard-working American families
are suffering from higher gasoline prices. John McCain called on Congress to suspend the 18.4 cent
federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.
- Reuters: Gas Tax Holiday "Of Most Immediate Effect To Consumers." "Of most
immediate effect to consumers was his appeal to the U.S. Congress to suspend the 18.4 cent
federal gas tax and 24.4 cent diesel tax from Memorial Day at the end of May to Labor Day in
early September." (Steve Holland, "McCain Proposes Tax Cuts And Lashes Democrats," Reuters, 4/15/08)
- USA Today: "A USA TODAY Analysis Showed That McCain's Gas-Tax Proposal Could
Save Motorists $6.8 Billion In Taxes During The Summer." (Kathy Kiely, "Gas-Tax Holiday Among
McCain's Plans For Economy," USA Today, 4/16/08)
- John McCain will repeal the 54 cents per gallon tax on imported sugar-based ethanol, increasing
competition, and lowering prices of gasoline at the pump.
- John McCain will roll back corn-based ethanol mandates, which are contributing to the rising cost of
food.
John McCain believes there is nothing more important than keeping alive the American dream of owning
a home. Priority number one is to keep well-meaning, deserving home owners who are facing foreclosure
in their homes.
John McCain's approach to helping sub-prime or other financially strapped mortgage borrowers is built on
sound principles:
- No taxpayer money should bail out real estate speculators or financial market participants who failed
to perform due diligence in assessing credit risks. Any assistance for borrowers should be focused
solely on homeowners and any government assistance to the banking system should be based solely
on preventing systemic risk.
- Any policy of financial assistance should be accompanied by reforms that promote greater
transparency and accountability to ensure we never face this problem again.
John McCain has proposed a new "HOME Plan" to provide robust, timely and targeted help to those hurt
by the housing crisis. Under his HOME Plan, every deserving American family or homeowner will be
afforded the opportunity to trade a burdensome mortgage for a manageable loan that reflects their home's
market value.
- Eligibility: Holders of a sub-prime mortgage taken after 2005 who live in their home (primary
residence only); can prove creditworthiness at the time of the original loan; are either delinquent, in
arrears on payments, facing a reset or otherwise demonstrate that they will be unable to continue to
meet their mortgage obligations; and can meet the terms of a new 30 year fixed-rate mortgage on the
existing home.
- John McCain's HOME Plan Will Keep 200,000 To 400,000 Families From Losing Their
Homes. "But at the same time, McCain is calling for aggressive federal action to help keep
200,000 to 400,000 families from losing their homes. That plan has many of the elements of a
proposal by Rep. Barney Frank, D-Mass., and Sen. Chris Dodd, D-Conn., requiring
participating lenders to forgive part of the loan principal and then write a new loan that would
be backed by the federal government through the Federal Housing Administration." (Tom Raum,
"Everyone's Invited: McCain Economic Plan Draws From Both Parties," Tucson Citizen, 4/17/08)
- How It Works: Individuals pick up a form at any Post Office or download the form over the Internet
and apply for a HOME loan. The FHA HOME Office certifies that the individual is qualified, and
contacts the individual's mortgage servicer. The mortgage servicer writes down and retires the
existing loan, which is replaced by an FHA guaranteed HOME loan from a lender.
- John McCain will bolster groups like Neighborworks America that provide mortgage assistance to
homeowners in their communities.
John McCain is proposing a student loan continuity plan. Students face the possibility that the credit
crunch will disrupt loans for the fall semester. John McCain calls on the federal government and the 50
governors to anticipate loan problems and expand the lender-of-last resort capabilities for each state's
guarantee agency.
Click here to learn more about the McCain Economic Plan.
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