Obama unveils $120 billion economic stimulus plan

(AP) - Democrat Barack Obama is taking the wraps off his 120 billion-dollar economic stimulus package.

He's calling on the government to make a $250 tax credit available to 150 million workers to offset the payroll tax paid on the first $8,100 of earnings. He's also proposing a further $250 tax credit per worker if employment declines three months in a row.

Obama also would give a one-time, $250 payment to Social Security recipients who would not benefit from the tax credit, followed by another $250 payment if employment declines for three months straight.

Obama also pledges 10 billion dollars to increase pre-foreclosure counseling and help "responsible homeowners" refinance or sell.

He also wants 10 billion to extend unemployment insurance while loosening the eligibility criteria to include many part-time and nontraditional workers.

Obama, speaking today in Las Vegas, says too many people have been left behind by "compassionate conservatism."