Acute economic challenges facing the next US President

Whether Democrat Barack Obama or Republican John McCain wins the White House on Tuesday, the next US President will face a host of acute economic problems on a scale not seen since the 1930s.

Below is a handful of some of those challenges as well as the differences in how Mr Obama, an Illinois senator, and Mr McCain, an Arizona senator, would likely address them:

Financial crisis

The US financial crisis is the worst of its kind since the Great Depression. Economists say the country is in a recession that may get worse by the time the next president takes office in January.

Mr Obama advocates a second stimulus package to jump-start the economy. Valued at €132.7 billion, the plan would include funding for infrastructure and another round of rebate cheques.

Mr McCain advocates a €227.5 billion housing plan that would use some of the funds from the recent €530.8 billion Wall Street bailout package to buy up troubled mortgages as the best way to bring the economy "out of the ditch."

Health care

Both candidates identify bringing down high health-care costs and reforming the health insurance system as an economic priority.

Mr McCain would end tax breaks for employer-provided health insurance and provide a refundable tax credit of €1,896 per person, or €3,792 for families. He would promote competition by allowing people to buy insurance across state lines. Mr Obama has proposed a national insurance program to allow individuals and small businesses to buy health care similar to that available to federal employees, supplemented in part by a tax on employers who do not provide coverage.

Energy

US dependence on foreign oil is seen as both a security and economic threat.

Mr McCain advocates an "all-of-the-above" approach to energy independence, including offshore drilling, building 45 nuclear plants and investing in renewable sources of energy such as wind, solar and tide.

Mr Obama says he is open to offshore drilling and nuclear power but emphasises boosting energy efficiency and massively increasing investment in renewable energy.