FACTBOX: Presidential candidates on Fed and economy

(Reuters) - The Federal Reserve cut U.S. interest rates by three-quarters of a percentage point to 3.5 percent in an emergency move aimed at stabilizing the economy.

Following are comments by 2008 presidential candidates about the economy and the surprise Fed decision.

DEMOCRATIC U.S. SEN. HILLARY CLINTON OF NEW YORK:

"As we saw overnight, this is a global economic crisis.

"The one area that I still hear nothing about from the White House of any significance is what will be done to deal with the mortgage crisis. I believe it is a critical part of what we must do.

"We need a combination of spending, regulatory action with respect to the housing market and rebates through the tax system."

DEMOCRATIC FORMER U.S. SEN. JOHN EDWARDS OF N. CAROLINA:

"If we want to stop saying goodbye to South Carolina's manufacturing jobs, we need to start with a real stimulus package that creates new jobs and puts money in the hands of working families.

"President Bush's proposal is Swiss-cheese stimulus that leaves out millions of hardworking Americans while toeing the line of right-wing ideology at the expense of smart planning for America's future."