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Candidates Spell Out Economic Plans Before Third Debate

A day after Democratic candidate Barack Obama unveiled his new recovery proposal for the struggling economy, his GOP rival John McCain released his own plan in an effort to gain steam in the polls. Kwame Holman reports on the candidates' efforts to gain voters' trust before the election.

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    Now, the presidential candidates and their plans to revive the faltering economy. NewsHour correspondent Kwame Holman reports.


    Republican presidential nominee John McCain today laid out a $52.5 billion economic recovery plan.

    SEN. JOHN MCCAIN (R), Arizona: What we need to see now is swift and bold action to lead this country in a new direction.


    At a rally in Blue Bell, Pa., McCain endorsed the Bush administration's plan for injecting capital directly into banks, with some caveats.


    We will return that those companies be reformed and restructured until they are sound assets again and can be sold at no loss or perhaps even a profit to the taxpayers of America.

    When that's accomplished, in each instant, government will relinquish its interest in these private companies. We're going to get government out of the business of bailouts and equity stakes and back in the business of responsible regulation.


    McCain said he would go further to shore up confidence in the banking system, that, as president, his Treasury Department would guarantee all savings for six months.