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Clinton upstages Republicans
12/01/2008 12:22 - (SA)
Los Angeles - Democratic presidential
contender Hillary Clinton on Friday proposed $70bn in
emergency spending to stave off a possible US election-year
recession, upstaging Republican rivals who clashed over the
economy but offered few specifics.
The New York senator proposed $30bn to help
low-income families hit by the mortgage crisis and $40bn
in other spending, mainly for the poor and unemployed. As the
United States heads toward the November presidential election,
Clinton also urged Congress to prepare an additional $40bn tax rebate for low- and middle-income residents if the
economy declines.
Trying to build on her momentum after a narrow victory in
the New Hampshire primary this week over Illinois Senator Barack
Obama, the former first lady unveiled the proposal amid
warnings that a recession is increasingly likely. Need 'immediate strategy'
Federal Reserve Chairn Ben Bernanke hinted at
"substantive" interest rate cuts on Thursday and President
George W Bush is considering his own economic stimulus
package.
"Economists and politicians are finally waking up to what
many of America's families already know: that we might be
sliding into a recession," Clinton said in a statement. "We
need an immediate strategy to get our economy back on track."
Clinton released her plan, which aides said would be a
one-time programme that would add to the deficit this year, a day
after the Republican presidential contenders debated the
economy.
Republican rivals John McCain and Mitt Romney dueled over
the economy on Friday, but offered few specifics and focused
their attention on the economic situation in Michigan and South
Carolina, which hold the next state contests to nominate party
candidates for the November election.
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