Presidential hopeful Sen. Barack Obama unveiled an economic recovery proposal on Monday that would create a federal facility to buy state and local government debt similar to the recently announced program to provide liquidity to the commercial paper market.

The Illinois Democrat announced his plan during a campaign stop in Ohio and said Congress should implement it "immediately," or he would make it one of his first projects as president.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.