What are the goodies behind McCain's proposed $52.5 billion economic plan?

John McCain, echoing both Barack Obama and Republican orthodoxy, proposed a $52.5 billion economic plan Tuesday that would eliminate taxes on unemployment benefits and cut the capital gains tax. He warned voters about taking a chance on his Democratic rival.

"Perhaps never before in history have the American people been asked to risk so much based on so little," McCain said of his opponent during a speech at a community college in this Philadelphia suburb.

McCain also promised that as president he would order the Treasury Department to guarantee 100 percent of all savings for six months. Such a guarantee, above the $250,000 now in force, would ease consumer fears of bank failures and restore "rational judgment to the choices of the market," he said.

AMBROSE ABAN
The prospect of a global financial meltdown has concentrated minds on what needs to be done. Don't you think?

PHIL SPENCER
Yes, absolutely. After weeks of dithering, European and American leaders have finally embarked on rescue measures that look powerful enough to restore confidence. Markets across the world have rallied in the past two days.

CHRIS GOODRIDE
It is possible that the most dangerous period has passed. But this does not mean we are back to business as usual.

JEFFEREY JOHNSON
Enough damage has been done to make a worldwide slowdown inevitable. Really inevitable. It has to happen, no matter what measures they take in Washington or Wall Street.


GEORGE TYLER
Hopefully, with the right policy mix, any recession will prove to be short and shallow, not long and deep, as seemed likely only last week....