Obama Plan: $30B Stimulus, More Regulation

Democrat blasts lax Bush oversight, McCain's laissez-faire approach
By Jonas Oransky,  Newser Staff
Posted Mar 27, 2008 2:29 PM CDT
Obama Plan: $30B Stimulus, More Regulation
New York Mayor Mike Bloomberg, left, shakes hands with Democratic presidential hopeful Sen. Barack Obama.   (AP Photo/Alex Brandon)

Barack Obama called today for stricter financial regulations and laid out a $30 billion stimulus plan, the Wall Street Journal reports, including measures aimed at the foreclosure crisis. The Democratic candidate said President Bush had “a generally scornful attitude toward oversight and enforcement,” and proposed expanding Fed powers and upping banks’ capital requirements.

Rival Hillary Clinton has called for a stimulus plan in the same amount, the Journal reports, while Republican John McCain proffers no government assistance, instead relying on lenders to step in. Obama deemed McCain’s policies tantamount to “watching this crisis happen.” McCain rebutted, saying Obama’s plan would “sock it to American taxpayers while failing to solve the very real problems.” (More Barack Obama stories.)

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