OBAMA ON US ECONOMY
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Obama for tax on profits of oil companies
Published on Tue, Jun 10, 2008 at 15:59 in 
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New Delhi: Democratic presidential candidate Barack Obama has touched the right chord with Americans struggling to pay a record high of $4-a-gallon for gas.
He has pledged to make oil companies like Exxon pay a tax on their windfall profits, and use the money to help families pay for their skyrocketing energy costs, if elected.
"I will make the companies like Exxon pay tax for the windwall profits and help the middle class save the rising energy cost," Obama said.
He drew a sharp contrast with his rival and Republican candidate John McCain accusing him of supporting current President George W Bush's fiscal policies, including tax breaks for oil companies.
Obama claimed McCain would more than double US debt by continuing Bush administration economic policies which he called the "most fiscally irresponsible in history".
In his first campaign appearance since Hillary suspended her bid for the White House, Obama focused on the economic woes - home mortgage foreclosures, staggering energy costs and growing unemployment - that Democrats hope to use to wrest control of the White House from Republicans.
Obama began a two-week tour of Republican strongholds and swing states aiming to draw sharp distinctions between himself and McCain, the Arizona senator and Vietnam war hero. Obama is banking on building a victory by snatching votes in traditional Republican regions. McCain, likewise, is working to undo Democratic control in America's so-called blue states.
"If John McCain's policies were implemented, they would add $5.7 trillion to the national debt over the next decade. That isn't fiscal conservatism, that's what George Bush has done over the last eight years," Obama, the junior Illinois senator, said in Raleigh, North Carolina, a state that has not voted for a Democratic presidential candidate since 1976.
(With inputs from Associated Press)
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