McCain's economic plan dissed by Dems

NEW YORK, April 10 (UPI) -- Sen. John McCain, R-Ariz., offered proposals to help homeowners facing foreclosure and displaced workers as ways to address the souring U.S. economy.

The presumptive Republican presidential nominee reiterated his opposition to "tax breaks for builders, funds to purchase homes in foreclosure and tax credits that are not targeted to where the need is greatest ... ."

McCain proposed a federal program requiring eligible homeowners to seek help from the federal government. If they qualify, they would leave the program with a refinanced mortgage allowing them to remain in their homes.

McCain outlined a new job training program that would give displaced workers flexibility and incentives to seek retraining and re-enter the workforce quickly, remarks posted on McCain's Web site said.

"I propose that we build a new system so that as women and men work, their taxes help to build up a buffer account against lost earnings," he said. "Then, if they are unfortunate enough to lose a job, they will be able to better meet their obligations."

Reacting to his proposal, Democratic hopeful Sen. Hillary Clinton, D-N.Y., said on her Web site that McCain offered a "half-hearted version of the very plan he criticized."

Sen. Barack Obama, D-Ill., battling Clinton for the Democratic presidential nomination, said on his Web site, McCain's solution to the housing crisis "seems a lot like the George Bush solution of sitting by and hoping it passes while families face foreclosure and watch the value of their homes erode."