FACTBOX: Presidential candidates' ideas on economy

(Reuters) - Worries that a recession may be looming have prompted several of the candidates in the presidential race to unveil plans to give the economy a lift. Here are their ideas:

DEMOCRATIC U.S. SEN. HILLARY CLINTON

The New York Democrat has proposed a $70 billion package to stave off a possible recession, including $40 billion in spending for heating assistance, an extension of unemployment insurance and investments in energy efficiency.

The other $30 billion would go toward helping low-income families hit by the mortgage crisis.

A second, $40 billion phase of the package would be triggered if the economy failed to respond. That would pay for tax rebates for low- and middle-income workers.

DEMOCRAT JOHN EDWARDS

The former Democratic senator from North Carolina has proposed a $25 billion job creation plan with the possibility of an additional $75 billion if there is more evidence the United States is entering a recession.

The plan calls for investing in clean energy infrastructure, increasing federal aid to help states avoid cutting programs that help families through hard times, reforming unemployment insurance and tackling housing crisis.

DEMOCRATIC U.S. SEN. BARACK OBAMA

The Illinois Democrat's $75 billion plan includes an immediate $250 tax cut for workers that would double if the economy worsens.

Older Americans would receive a one-time $250 bonus in their Social Security checks. Obama also would offer assistance to homeowners facing foreclosure and aid to states hit by reduced tax revenues. He would also extend unemployment insurance for laid-off workers.

REPUBLICAN MITT ROMNEY

The former Massachusetts governor has described the economy as fragile and said, "We should take action to keep the economy from falling into a recession."

On the campaign trail, Romney has urged eliminating taxes on capital gains, dividends and interest income for families earning less than $200,000 a year. "That's one idea and there may well be others," said Romney spokesman Eric Fehrnstrom.

REPUBLICAN RUDY GIULIANI

The former New York City mayor, has said it's not clear yet if the economy is headed for a recession but he has outlined a multitrillion-dollar tax cut he said would boost growth.

He would slash the corporate tax rate to 25 percent from 35 percent and reduce the capital gains tax to 10 percent from 15 percent. Giuliani also proposed overhauling income tax rates to give taxpayers the option of choosing a simplified tax form with a maximum bracket of 30 percent.

REPUBLICAN MIKE HUCKABEE

The former Arkansas governor has said the "greatest source of short-term stimulus is the Federal Reserve" but said the Fed also must be mindful of inflation.

Huckabee vowed to increase spending on both defense and public infrastructure.

He has promised to "preserve and expand" the Bush tax cuts and touts his "Fair Tax" plan, which would replace the income tax with a national sales tax.

REPUBLICAN U.S. SEN. JOHN MCCAIN

The Arizona senator has said immediate intervention the economy is "an option that has to be exercised from time to time but the last one, not the first one."

But McCain is touting his plan to eliminate the alternative minimum tax, a levy that was originally intended to apply to the wealthy but increasingly hits middle-income people.

Asked if McCain would propose additional measures to lift the economy, his senior economic adviser, Douglas Holtz-Eakin, said, "We are monitoring the situation and if we think more is needed, we'll propose it."

(Reporting by Caren Bohan and Deborah Charles; Editing by Bill Trott and Jackie Frank)