by Jill Zuckman
This afternoon in Brooklyn, Sen. John McCain will propose a short-term “plan of action” to get the economy back on track, including a new proposal to allow people to unload their “burdensome” mortgages for more manageable loans.
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“Today our economy is weakening, and as I travel this country and meet and talk with people, I can see how things are getting tougher for many Americans,” McCain is expected to say, taking a tough tone on a subject that may well be his Achilles heel.
Last year, McCain suggested that the economy is not his strongest subject as he contemplated choosing a running mate with expertise on Wall Street.
But with the economic fears topping the list of Americans’ concerns, McCain will commit to using all of the government’s resources “to create opportunity and make sure that every deserving American has a good job and can achieve their American dream.”
He will propose a “HOME” plan to allow people who decide they need help to get a new mortgage in line with the market value of their house. The program will require that the mortgage be for a primary residence and the borrower be able to afford the new payments.
He will also call for a Justice Department task force to investigate criminal wrongdoing in the mortgage and securities industries.
“If there were individuals or firms that defrauded innocent homeowners or forged loan application documents, then the punishments of the market are not enough, and they must answer for their conduct in a court of law,” McCain will say.McCain is expected to address the high cost of gasoline, promising to launch a national energy strategy “that won’t be another grab bag of handouts and a full employment act for lobbyists.” The strategy will include energy conservation and expanded nuclear power.
The Arizona senator will return to a subject he tackled earlier this year – remaking job training programs and providing incentives for people to find new work after they lose their jobs.
McCain is expected to lay out a longer-term vision for the economy next week on April 15 – tax day.