Clinton Offers Economic Stimulus Plan
Clinton Offers Economic Stimulus Plan
2008-01-11 14:26:17
By PHILIP ELLIOTT Associated Press Writer
CITY OF COMMERCE, Calif. (AP) — Hillary Rodham Clinton on Friday called for Congress to pass an economic stimulus package that could cost as much as $110 billion to help low-income families keep their homes, to subsidize heating costs this winter and perhaps refund some taxes.
The Democratic presidential hopeful, on a two-day swing through this key Feb. 5 primary state, called on Congress to work with the White House to pass a $70 billion injection into the economy and perhaps follow with another $40 billion in tax refunds.
The New York senator has said she fears a recession, although she and aides refused to label the current conditions that, instead calling it "a really troubled economic time." Advisers said they wanted to inject funds into the economy, targeting "people who are more likely to go to the store and spend it."
Clinton economic adviser Gene Sperling said the stimulus package would help lower-income families who traditionally save less than those with higher incomes.
The proposal, Clinton's campaign said, would provide 37 million Americans with energy assistance. Hundreds of thousands more families would get help to avoid foreclosure, according to the proposal.
According to the campaign, the plan includes:
— Establishing a $30 billion housing crisis fund to help states and localities deal with the fallout of foreclosures. The federal money could be used to ease the effects of vacant properties with anti-blight programs and helping local housing authorities buy and rent out vacant properties.
— Setting a 90-day moratorium on subprime mortgages of at least five years, or until housing lenders have converted mortgages into loans families can afford. The proposal also would increase the portfolio caps at Fannie Mae and Freddie Mac.
— Providing $25 billion in emergency energy assistance for families facing rising heating bills. While 37 million families are eligible for energy assistance, only 5.6 million, or 16 percent, are slated to receive any aid this winter, the campaign said. She is proposing immediate grants to all 37 million eligible families.
— Providing $10 billion to extend unemployment insurance for those struggling to find work while supporting families.
— Providing $5 billion in energy efficiency by doing such things as giving tax credits to encourage purchases of low emission vehicles and efficient appliances windows and other clean technologies. She also proposes funds to train and put to work people making public buildings more energy efficient.
Sperling said the campaign has been trying to come up with the plan for about two months, but decided not to wait any longer even though the Democratic leadership in Congress is expected to introduce a plan.
"The straw that broke the camel's back (was) when we saw manufacturing numbers not only going down for the sixth time in a row, but to move into a contraction," Sperling said. "You can see a virtual storm hitting the American consumer."
Clinton planned to spend Friday in the Los Angeles and San Diego areas. California, with its 441 delegates to the Democrats' nominating convention in Denver, is a key to the White House.
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