Economic Stewardship

In this time of economic transformation and crisis, we must be stewards of this economy more than ever before. We will maintain fiscal responsibility, so that we do not mortgage our children's future on a mountain of debt. We can do this at the same time that we invest in our future. We will restore fairness and responsibility to our tax code. We will bring balance back to the housing markets, so that people do not have to lose their homes. And we will encourage personal savings, so that our economy remains strong and Americans can live well in their retirements.

We must reform our tax code. It's thousands of pages long, a monstrosity that high-priced lobbyists have rigged with page after page of special interest loopholes and tax shelters. We will shut down the corporate loopholes and tax havens and use the money so that we can provide an immediate middle-class tax cut that will offer relief to workers and their families. We'll eliminate federal income taxes for millions of retirees, because all seniors deserve to live out their lives with dignity and respect. We will not increase taxes on any family earning under $250,000 and we will offer additional tax cuts for middle-class families.

We will ensure that the foreclosure prevention program enacted by Congress is implemented quickly and effectively so that at-risk homeowners can get help and hopefully stay in their homes. We will work to reform bankruptcy laws to restore balance between lender and homeowner rights. Because we have an obligation to prevent this crisis from recurring in the future, we will crack down on fraudulent brokers and lenders and invest in financial literacy. We will pass a Homebuyers Bill of Rights, which will include establishing new lending standards to ensure that loans are affordable and fair, provide adequate remedies to make sure the standards are met, and ensure that homeowners have accurate and complete information about their mortgage options. We will support affordable rental housing, which is now more critical than ever.

The Latest »

Arne Duncan Named Secretary of Education

December 16, 2008 - President-elect Barack Obama named Arne Duncan, CEO of the Chicago school system, as Secretary of Education.
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Obama Announces Key Members of Energy, Environment Team

December 15, 2008 - President-Elect Barack Obama named Dr. Steven Chu to Secretary of Energy, and Lisa Jackson to head the Environmental Protection Agency (EPA).
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Bush Administration Protected Executive Pay

December 15, 2008 - According to congressional aides and lawmakers, the Bush administration slipped in a single sentence in legislation that created a giant loophole for executives at failed Wall Street institutions to keep their huge payoffs. Just another day in the Bush/Cheney White House.
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November Job Losses: 533,000

December 5, 2008 - The nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the Bureau of Labor Statistics reported Friday.
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Join the Discussion

December 4, 2008 - The folks at the Transition team are asking Americans: how is the economic crisis affecting you?
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Gov. Bill Richardson Named Commerce Secretary-Designate

December 3, 2008 - President-elect Barack Obama named New Mexico Governor Bill Richardson as Secretary of Commerce-designate.
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President-Elect Obama to Tackle Economy ''Head On''

November 7, 2008 - President-elect Barack Obama delivered his first press conference since Tuesday night's presidential election, and took the opportunity to address the ailing economy.
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''Rearview Mirror''

October 30, 2008 - Wonder where John McCain will take the economy? Look behind you. We can't afford more of the same.
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On the Air

October 29, 2008 - Check out the latest television ad put out by the Obama campaign.
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Stunning Admission by McCain Camp on Healthcare Plan

October 28, 2008 - John McCain's healthcare plan will ''blow up'' the employer-based system and healthcare experts are not so hot on that idea.
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