Speaking to a crowd at the North Carolina State Fairgrounds, Barack Obama began outlining his economic plan. Proposals included tax relief for seniors and the middle class, debt relief for students, extended unemployment benefits, the establishment of a $10 billion foreclosure prevention fund, and (get this)…
A second round of stimulus checks.
In response to concerns over the struggling economy, Obama said:
Thatâ€™s why Iâ€™ve called for another round of fiscal stimulus, an immediate $50 billion to help those whoâ€™ve been hit hardest by this economic downturn â€“ Americans who have lost their jobs, their homes, and are facing rising costs and cutbacks in state and local services like education and health care.
He further stated that his proposals would be funded through a “pay as you go system,” wherein the revenue generated from slashing corporate tax breaks, eliminating tax loopholes, and taxing big-oil profits would be used to pay for the plan.