Presidential Economic Plans Put To Reality Check

By Latoya Silmon, News On 6

TULSA, OK -- Both presidential candidates say they know how to fix our struggling economy.

Both Senators Barack Obama and John McCain say we have to get out of this financial crisis, but they disagree on how we do that.

In Barack Obama's new economic plan, he wants to extend a tax credit of $3,000 for each new job created over the next two years. He also wants to temporarily allow people to pull money from their retirement accounts without penalties and his plan stops home foreclosures for 90 days.

Under McCain's plan the government would buy bad mortgages from lenders at face value and allow homeowners to refinance at lower rates. He also wants to cut the corporate tax rate to spur job growth and he goes after ear marks or what he calls wasteful government spending. He says doing so would save the country billions of dollars.

McCain's home plan would cost $300 billion alone, and Obama admits his new plan is around $157 billion.

Both campaigns say they have ways to pay for them, and no doubt each candidate will try to sell you on theirs this Wednesday during their final debate.