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Keywords: Barack Obama, John McCain, Black president, first Black president, economy, economic crisis

On the eve of the final presidential debate, both candidates are unveiling pricey new plans to deal with the economic crisis, The New York Times reports. While both seek to help troubled homeowners and the unemployed, there are significant differences in approach and scope. 

Sen. Barack Obama's plan, announced on Monday in Ohio, offers tax credits to promote job creation, a temporary freeze on home foreclosures and aid to automakers.

Sen. John McCain's plan, which was to be unveiled in Pennsylvania on Tuesday, offers reduced tax rates on retirement-plan withdrawals for seniors, a two-year, 50-percent reduction in the capital gains tax and a two-year increase in allowable tax write-offs for stock losses.

Both candidates say they want to help the unemployed. Obama seeks to eliminate taxes on unemployment benefits and to extend those benefits by 13 weeks to the long-term unemployed. McCain will propose eliminating unemployment benefit taxes for Americans who had been making under $100,000.

"We need to give people the breathing room they need to get back on their feet," Obama said yesterday in Toledo, Ohio. He proposed a 90-day moratorium on home foreclosures in addition to allowing families to borrow from their retirement savings without tax penalties. He also proposed giving employers a $3,000 tax credit for each new hire and doubling government loan guarantees for American automakers. Obama's advisers say the price tag for the proposals announced Monday would be $60 billion.

McCain's chief economic adviser Douglas Holtz-Eakin says McCain's proposals would cost $52 billion. He also says McCain will discuss his plan to have the Treasury Department buy up bad mortgages and offer government-guaranteed, low-interest mortgages to homeowners, first announced in last week's debate.

Click here to read the full story about Obama's economic plan in The New York Times.

Click here to read the full story about McCain's economic plan in The New York Times.

Click here to read additional Election '08 coverage from DiversityInc.

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