McCain: Protect All Savings

By Newser Editors and Wire Services
Posted Oct 14, 2008 12:18 PM CDT
John McCain shakes hands with a supporter at a rally at Cape Fear Community College in Wilmington, N.C., Monday, Oct. 13, 2008.    (Carolyn Kaster)
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(Newser) – Republican John McCain says he would order the Treasury Department to guarantee 100% of all savings for the next 6 months as president. That provision is part of a $52.5 billion plan the presidential candidate laid out to address the nation's deepening financial crisis. "The moment requires that government act," McCain told a suburban Philadelphia audience. "And as president I intend to act, quickly and decisively."

McCain also says he would eliminate taxes on unemployment benefits and reduce taxes on capital gains, individual retirement accounts, and 401(k)s. McCain said President Bush's $250 billion plan to buy shares in the nation's leading banks should be short-term and last only until the institutions are reformed.