USA: Election campaigns focus on remedies for fixing the ailing economy

Record ID: 347963

  • Title: USA: Election campaigns focus on remedies for fixing the ailing economy
  • Date: 9th October 2008
  • Summary: (AMREP) NEW YORK CITY, UNITED STATES (OCTOBER 8, 2008) (REUTERS) NEWSPAPER STAND NEAR WALL STREET
  • Embargoed: 24th October 2008 13:00
  • Keywords:
  • Location: Usa
  • Country: USA
  • Topics: Economic News,Domestic Politics
  • Reuters ID: LVAC0S3A9MJDXIC084UWE3BDHJIW
  • Story Text: Republican John McCain and Democrat Barack Obama welcomed a global cut in lending rates on Wednesday (October 8), keeping the focus of their bruising White House race on remedies for the ailing economy.
    The day after a sometimes tense second presidential debate that seemed unlikely to change the race, both candidates applauded the Federal Reserve's cut of a key lending rate by a half percentage point in a coordinated effort with central banks around the world.
    Obama said he supported the interest rate cut and urged the Treasury Department to move quickly to implement its economic recovery plan based on the $700 billion bailout of U.S. financial institutions passed by Congress last week. He assured supporters in Indianapolis that better times were ahead for the United States.
    On the campaign trail in Bethlehem, Pennsylvania, John McCain challenged Obama's credentials and asked why he didn't support financial regulations in the first place.
    The rivals in the November 4 presidential election battled over the best approach to help struggling workers during their debate on Tuesday. Two snap polls judged Obama the winner, and McCain could be running out of chances to recast a race that has been trending toward his opponent.
    Dr. Larry Sabato, a political scientist at the University of Virginia said when looking at the status of the economy people were angry and frightened and when that happened they almost always voted against the party in the White House.
    A Reuters/C-SPAN/Zogby poll of likely voters released on Wednesday showed Obama with a 47 percent to 45 percent edge on McCain, down one point overnight and within the poll's margin of error of 2.8 percentage points.
    Other polls have shown a larger advantage for Obama, who has made gains nationally and in key battleground states during the economic crisis. They show voters favor Obama on economic issues, giving him a lead between four and nine percentage points in polls released in the past few days.
    Larry Sabato gave both candidates' poor marks on the feasability of their economic proposals.
    With only four weeks to go until the election, the two candidates will meet for one final debate on October 15.
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