Sen. Barack Obama, D-Ill., called for an "emergency energy rebate" of $1,000 to be offered to families this fall, along with a $50 billion stimulus package to help jump-start job creation.
The presumptive Democratic presidential nominee announced the two-part "emergency economic plan" in response to the latest jobs report from the Bureau of Labor Statistics, which showed a loss of 51,000 jobs last month. "The first part of my plan is a $1,000 emergency energy rebate that could go out to families as soon as this fall," he said in a statement. "This rebate will be enough to offset the increased cost of gas for a working family over the next four months. Or, if you live in a state where it gets very cold in the winter, it will be enough to cover the entire increase in your heating bills."
The $50 billion stimulus package is aimed at helping local communities deal with the economic downturn. Half of the package would go to state governments that are facing large budget shortfalls, while the other half would be used to invest in national infrastructure, replenish the Highway Trust Fund and rebuild crumbling roads, bridges and schools.
Obama's rival, Sen. John McCain, R-Ariz., has proposed cutting the gasoline tax, reducing the corporate tax rate from 35 to 25 percent, extending the Bush tax cuts, allowing a first-year deduction of equipment and technology investments, establishing a permanent tax credit equal to 10 percent of wages spent on R&D, and banning Internet taxes and new cell phone taxes, among other measures.
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