Hofstra University Debate

Categories: News | Politics | Election 2008

  • The final debate between United States presidential candidates Barack Obama and John McCain took place at Hofstra University in Hempstead, New York, on October 15, 2008.Wcbstv.com (NY): Presidential Debate Mania Grips Hofstra (October 15, 2008) The subject was domestic and economic policy.

  • Key Quotes

    • McCain: "No. I would like to mention that a couple days ago Sen. Obama was out in Ohio and he had an encounter with a guy who's a plumber, his name is Joe Wurzelbacher. Joe wants to buy the business that he has been in for all of these years, worked 10, 12 hours a day. And he wanted to buy the business but he looked at your tax plan and he saw that he was going to pay much higher taxes."
    • McCain: "Sen. Obama, I am not President Bush. If you wanted to run against President Bush, you should have run four years ago."
    • Obama: "Now with respect to a couple of things Sen. McCain said, the notion that I voted for a tax increase for people making $42,000 a year has been disputed by everybody who has looked at this claim that Sen. McCain keeps on making. Even FOX News disputes it, and that doesn't happen very often when it comes to accusations about me."
    • McCain: "One of them happened just the other day, when a man I admire and respect – I've written about him – Congressman John Lewis, an American hero, made allegations that Sarah Palin and I were somehow associated with the worst chapter in American history, segregation, deaths of children in church bombings, George Wallace. That, to me, was so hurtful. And, Sen. Obama, you didn't repudiate those remarks."
    • McCain on personal attacks: "Yes, real quick. Mr. Ayers, I don't care about an old washed-up terrorist. But as Sen. Clinton said in her debates with you, we need to know the full extent of that relationship. We need to know the full extent of Sen. Obama's relationship with ACORN, who is now on the verge of maybe perpetrating one of the greatest frauds in voter history in this country, maybe destroying the fabric of democracy."
    • Obama on Bill Ayers: "Ten years ago he served and I served on a school reform board that was funded by one of Ronald Reagan's former ambassadors and close friends, Mr. Annenberg. Other members on that board were the presidents of the University of Illinois, the president of Northwestern University, who happens to be a Republican, the president of The Chicago Tribune, a Republican- leaning newspaper. Mr. Ayers is not involved in my campaign. He has never been involved in this campaign. And he will not advise me in the White House."
    • McCain on Sarah Palin: "She understands reform. And, by the way, she also understands special-needs families. She understands that autism is on the rise, that we've got to find out what's causing it, and we've got to reach out to these families, and help them, and give them the help they need as they raise these very special needs children."
    • McCain on Supreme Court nominations: "I would consider anyone in their qualifications. I do not believe that someone who has supported Roe v. Wade that would be part of those qualifications. But I certainly would not impose any litmus test."

  • Campus Events

    Seating at this debate was limited, and only current Hofstra University students could apply for tickets. The university scheduled a number of events, though, to help other students and the general public get involved:Hofstra University: 2008 Presidential Debate Events

    • September 26, 2008: Debate Watch - The First Presidential Debate
    • October 2, 2008: Debate Watch - The Vice Presidential Debate
    • October 7, 2008: Debate Watch - The Second Presidential Debate
    • October 14, 2008: Democracy in Performance at the 2008 Presidential Debate
    • October 15, 2008: Brian Lehrer Show - Forum on Youth Issues

  • Hofstra University Debate Questions

    davepa...
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    Answer given by Tim Kallman for the "Ask an Astrophysicist Team" quoted from "imagine.gsfc.nasa.gov" ---Quote--- But it would be easier to answer it if you tol... read more
    yaron
    what was the university decision? 1 Answer
    Can you be more specific? Maybe i am missing something, but what university? read more
    more view more questions...

  • Hofstra University Debate Liveblog

    • 7:30 PM: Debate ends. McCain tells Obama "good job." Schieffer encourages everyone to vote.
    • 7:26 PM: Time for final statements
      • McCain: Thinks it was a healthy discussion. These are difficult times. America needs a new direction. He has a record of reform, and taking on both parties and special interests. He's been a careful steward of your tax dollars. We have to make health care affordable and available, we have to provide quality education for all citizens. We have to stop the spending which mortgages your children's futures. These issues are based on trust - do you trust Obama and McCain to be careful with your tax dollars? He wants Americans to examine his record and proposals. "I've spent my entire life in the service of this nation and putting my country first." He calls it the great honor of his life, and says he's been proud to serve.
      • Obama: Thanks McCain and Schieffer. We all know America's going through tough times. He blames the policies of the last 8 years, and decades of Washington being afraid to tackle tough problems. Biggest risk we could take is to adopt the same failed policies and politics of the last 8 years. "We need fundamental change in this country and that's what I'd like to bring." Over the past 20 months, Americans have confirmed for him the decency and generosity of the American people, so he's sure brighter days are still ahead. Wants to again invest in the American people - health care, college, business, jobs and the middle class. These are the policies he'll bring to the White House. It will require everyone to come together and to renew a spirit of sacrifice and service.
    • 7:20 PM: Question: Should the federal government get more involved in schools?
      • Obama: Government should step up and help, but local control of schools in good. Unfortunately, for No Child Left Behind, they left the money behind. Now there are unfunded mandates, which also happened with special education. We don't follow through with the promise of funding, which leaves local schools cash-strapped. Focus on early-childhood education and give teachers higher salaries. He and McCain agree on charter schools and on the issue of bad teachers. They disagree about vouchers - they are not a way to secure educational system problems. He also disagrees on McCain's record of college accessibility and affordability. His campaign says they can't give money to every special interest group - but America's youth aren't a special interest group. We have to be able to say how we'll pay for things, like lowering loan rates.
      • McCain: Brings up Washington DC voucher program. Parents asked to be eligible because they wanted a choice. He's surprised Obama didn't pay more attention to how well vouchers worked. NCLB was a "great first beginning." We need to fix it, not get rid of it. Head Start program is great, but it's not doing what it set out to do, so we should reform and fund it, which was out of bounds to Democrats. There needs to be rewards, transparency and accountability, along with adequate funding. Says Sarah Palin understands autism well and that these kids need reform. He'll support those reforms and he'll fund reformed programs, but he doesn't throw money at problems. He supports vouchers where they are requested, and have been proven.
      • Obama: DC's school system is struggling and he supports efforts on the local level to improve it. But he says centerpiece of McCain policy is to increase DC's voucher program by 2,000 slots. The other 50 states don't have a policy from McCain.
      • McCain: "There's not enough vouchers so we shouldn't do it. I get it."
    • 7:16 PM: Final question: Do you feel that our education system provides a threat to our national security?
      • Obama: This is important for our economic future, and thus our national security. "We've got to get our education system right." Debate is between more money and reform. We need both. Need better early childhood education. It's important to recruit a generation of new teachers and more standards and accountability, and to make college affordable. Saddle students with debt, so they don't go into the fields they want because they have to pay back money. He wants to give credits for students who agree to do community or military service. We can't do it just in the schools - parents need to show more responsibility.
      • McCain: "This is the civil rights issue of the 21st Century." Doesn't want to send children to a failed school. So we should have competitions between schools and find bad teachers another line of work. Wants to give parents the option to send their kids to the school of their choice. Charter schools aren't the only answer but they provide competition. "Throwing money at the problem is not the answer." Need to reward good teachers and encourage programs like Teach for America. We must improve education, largely by adjusting student loan programs.
    • 7:14 PM:
      • McCain: Mocks Obama's use of the phrase "health of the mother." That can mean almost anything. It's the extreme position. Cindy and John are adoptive parents. They want to improve adoption. That doesn't mean they won't protect the rights of the unborn. Of course, we have to work together to help young women with compassion.
    • 7:11 PM:
      • McCain: Have to change the culture of America. Have to treat women with compassion. Obama opposed a law that would provide medical attention to a child who was a product of a failed abortion. As a state Senator, he voted present. Also voted against a ban on late-term abortion. Also voted "present." "I don't know how you vote present on something like that." Calls Obama aligned with the extreme fringe on the pro-choice side.
      • Obama: "If it sounds incredible that I would vote to withhold life-saving treatment from an infant, that's because it's not true." Bill was put forward before the Ill. Senate that would undermine Roe v. Wade. A law already on the books required life-saving treatment be provided. Pro-choice Republicans and Democrats all voted against it. Doctors' oath requires that they provide care. He supports a ban on late-term abortions as long as an exception is made for the mother's health and life. This law McCain brought up did not include such an exception. This issue divides the candidates and is difficult to reconcile. But there is common ground. We should prevent unintended pregnancies and educate the youth. Nobody's pro-abortion...it's always tragic.
    • 7:06 PM: Question: Could either of you ever nominate someone to the Supreme Court who disagrees with you on abortion?
      • McCain: No litmus test on nominees.
      • Schieffer asks for clarifications.
      • McCain: Should be up to the states. Disagrees with Roe v. Wade. But nominations to Supreme Court should be based on qualifications, not litmus tests. Talks about his experience with the John Roberts and Samuel Alito nominations. "Elections have consequences." Obama voted against Roberts because they didn't meet his ideological standards, and that's not appropriate. Judge on qualifications.
      • Schieffer: Even if it was someone with a history of pro-choice decisions?
      • McCain: Someone who has supported Roe v. Wade would not be qualified. But there's no litmus test.
      • Obama: It's true we shouldn't have a litmus test. This is a very important decision for the next president. Roe v. Wade may hang in the balance. He believes the case was rightly decided, though aboriton is a difficult and moral issue. Good people can disagree. Women are in the best position to make this decision and the Constitution has a right to privacy that's not subject to state referendum. It's about rights, not a popular vote. He'll look for judges with an outstanding judicial record and a sense of "what real world folks are going through." Supreme Court recently made it more difficult for Lilly Ledbetter to bring a civil rights lawsuit against a major corporation - Obama supported an effort to legislatively correct this issue, McCain did not.
    • 7:01 PM:
      • Obama: This $5,000 credit will not help people who get dropped from their existing insurance. Unhealthy or older poeple can be dropped from employer-based systems. Once you're out on your own, your health benefits will be taxed for the first time in history. Policies cost $12,000, not $5,000. That's a loss. Last point about McCain's plan - insurers would have more opportunities to cherry-pick those whom they insure.
      • McCain: McCain talks to Joe again, and says that Obama wants to spread the wealth around. He's saying Joe would be considered "rich" by Obama's plan, and would then have to follow Obama's plan or be fined. That's un-American, McCain says. He says Americans will receive more money under his plan, because they'll get their current benefits (that will be taxed) and they'll get $5,000. Plus, they can shop around across America, "a chance to choose their own futures." This gets down to their fundamental philosophical difference. Accidentally calls Obama "Senator Government." McCain wants Joe the Plumber to take care of himself by giving him opportunities. Obama and the Democrats in charge of Congress have made things worse over the past 2 years.
      • Obama: "You just heard my plan." Under McCain's plan, you could lose your employer-paid health care. U.S. Chamber of Commerce agrees, said the plan could unravel employer-based health care. All Obama wants to do if you have health care is lower costs.
    • 6:56 PM: Question: Given the current economic situation, would either of you prefer to control health care costs over expanding coverage?
      • Obama: We have to do both. He met women in Ohio without insurance who were desperate to get coverage. They worried they could go bankrupt if they get sick. His plan lets you keep the insurance you already have if you like it. Only difference is he will lower costs, so you can save money. If you don't have insurance, you buy into a federal pool, just like the one Congresspersons get. The costs will be lower because so many people are buying in. Insurance companies won't be able to discriminate, drug companies will give the cheapest-possible price, and he'd eliminate bureaucracy. Also wants to manage chronic illnesses that cost a lot but can be prevented. It will cost money on the front-end, but it's the only way to make families healthy and save the federal budget.
      • McCain: This is a painful situation. Escalating costs are to blame. He's convinced we should put health care records online. We should have more community health centers, walk-in clinics. We should do something about teh obesity epidemic, particularly among kids. Employers should reward employees who practice wellness and fitness. He'd give every American family a $5,000 tax credit to buy health care. Joe the Plumber, from before, would be fined by Obama under his plan for not insuring his employees. Still doesn't know what Obama's proposed fine would be. Senator Obama wants to set up a bureaucracy, like Canada and England.
      • Obama: No, it is not. I just described what my plan is. He also talks to Joe the Plumber, and says the fine will be zero. "As I said in our last debate, and I'll repeat, John, I exempt small businesses." Only wants to fine large businesses that could afford insurance for their employees. Right now, those employees get dumped into Medicaid or go to the ER. Small business owners could get a 50% credit if they want to insure their employees, or they could buy into the federal plan.
    • 6:55 PM:
      • McCain: Obama doesn't want to ally with Colombia but wants to negotiate with Hugo Chavez, who helps FARC terrorists. Obama will restrict trade and increase taxes, just like Herbert Hoover.
    • 6:51 PM:
      • McCain: Shouldn't just "look at" offshore drilling. We can do it now. We have to drill now. On free trade, McCain's a free trader, and wants to re-educate displaced workers at community colleges. Because of previous agreements, our goods and products that go to Colombia are forming a market there, and Obama opposes free trade with them. This issue is a no-brainer, and he says Obama doesn't understand because he hasn't been south of the border.
      • Obama: I understand it pretty well. In Colombia, labor leaders have been targeted for assassination, and there are no prosecutions. He has said, because the free trade agreement has environmental and labor protection, that we have to stand for labor and human rights. That's why he supports free trade with Peru, which is well-structured. We need a president who will enforce unfair free trade agreements and who will stand up to other countries. Moves to energy. Auto makers are having a tough time. It's important to get loan guarantees to them while holding them responsible for producing fuel efficient cars. If we can fix transportation consumption, we can move in a direction of energy independence and create new jobs making cleaner cars.
    • 6:46 PM: Question: Give us a number, a specific number, how much you believe we can reduce our foreign oil imports in your first term?
      • McCain: We can eliminate our dependence on Middle Eastern and Venezuelan oil. Canadian oil is fine. When Obama said he would renegotiate NAFTA, Canadians said they'd sell oil to China. Eliminate dependence on foreign oil by building nuclear power plants. Obama wants it to be safe; Navy ships have sailed with nuclear power for decades. It's safe; no problem. Alternative Energy is the answer, including wind, solar, natural gas and clean coal technology. WIthin 10 years, we can eliminate dependence on places in the world that harm national security.
      • Obama: In 10 years, we can reduce our dependence so we dont have to import oil from the Mideast or Venezuela. This is the most important issue for the future of our economy. Nothing's more important than us no longer borrowing money from China and sending it to Saudi Arabia. Need to expand domestic production. Force oil companies to use land they currently have or lose it, and consider offshore drilling. "we can't drill our way out of the problem." Wants to put resources into solar, wind, biodiesel, geothermal power. Also wants a fuel-efficient car that's built in America. We invented the auto industry, and it's a problem that we've fallen far behind. Also brings up NAFTA and the issue of trade..."I believe in free trade, but I also believe, for far too long...that the attitude's been, any trade agreement is a good trade agreement." Wants to make environmental rules in NAFTA enforceable. South Korea is sending cars to the US, but we can't send cars there. That's not free trade.
    • 6:45 PM: Question: Is Biden qualified?
      • McCain: In some ways, yes, but he's often wrong. He was against the first Gulf War. He had a crazy idea about splitting Iraq into 3 separate countries, even though our surge strategy worked. Obama always says we should spend more. "Why do we have to spend more?" Obama keeps proposing new spending and wants to raise taxes in a time of challenge and difficulty.
    • 6:44 PM: Question: Is Palin qualified?
      • Obama: Thinks her work with special needs children issues is commendable. Working for families struggling with autism will require more funding, which couldn't happen with an across the board spending freeze.
    • 6:40 PM: Question: Why would the country be better off if your running mate became president, rather than your opponent?
      • Obama: Joe Biden is one of the finest public servants in America. He has amazing foreign policy credentials. He hasn't forgotten where he came from - fighting for working families in Scranton. He fights for the little guy. They share core values and a sense of where the country needs to go. They agree that they need to reprioritize. Wants to fight for energy independence, education. On the key issues that matter to Americans, Biden's on the right side.
      • McCain: Americans have gotten to know Sarah Palin and see her as a role model to women and reformers. She's a reformer. She took on a governor who was a member of her own party. She resigned from the Energy Board of Alaska because of the corruption. She cuts the size of government. She fought the oil companies over a pipeline. "She's a reformer through and through," and it's time we had a breath of fresh air in our nation's capital. She'll sweep out cronyism that McCain has fought for years. She understands reform. "She also understands special needs families," that autism is on the rise. She wants to help families raise special needs kids. Also likes Todd Palin.
    • 6:38 PM:
      • McCain: Obama sent money to ACORN and he launched his campaign from Ayers' living room.
      • Obama: That's not true.
      • McCain: Obama chose to associate with a guy who, in 2001, said he wanted to bomb more. All the details need to be known about Obama's relationship with Ayers and ACORN so Americans can make a judgment. McCain's campaign is about the economy, though. He won't raise taxes.
    • 6:34 PM:
      • Obama: We can debate back and forth on the merits of each other's campaigns. What's most important is to recognize that, to solve key problems, everyone needs to work together. We should disagree without being disagreeable. Wants to discuss policies without saying people are bad people.
      • McCain: Brings up Bill Ayers, says he needs to know the extent of Obama's relationship with him and ACORN. These issues need to be examined.
      • Obama: Wants to respond to these allegations. Says Ayers is centerpiece of McCain's campaign. Wants to set the record straight. Ayers is a professor in Chicago. When Obama was 8, Ayers engaged in "despicable acts," which Obama has condemned. 10 years ago, they both served on a school reform board founded by Walter Annenberg, a friend of Ronald Reagan. Ayers is not involved in the Obama campaign and never has been. ACORN is a community organization that apparently paid people to go out and register folks to vote, and these people cheated on the registers. It had nothing to do with the Obama campaign. Only thing he's done with ACORN is help them register people at DMV's, along with the Justice Dept. These allegations that McCain keeps making is that these associations were troubling. Wants to discuss his actual associations - Warren Buffet, Joe Biden, Dick Lugar, General Jim Jones.
    • 6:30 PM:
      • McCain: Every ad when he watched TV last week was about his health care plan. Ads said he opposes funding for Stem Cell Research, which he doesn't. Obama is spending unprecedented amounts of money in negative attack ads. Of course, he's talked about the economy and positive plans of action to restore the economy. That's what the campaign is about. Still hasn't heard Obama repudiate Lewis.
      • Obama: Lewis spoke without talking to Obama campaign. He was troubled by what he heard at Palin rallies. Reports indicate that people were shouting things like "terrorist" and "kill him" at rallies, and Palin did not say anything. Lewis' point was that "we have to be careful in how we deal with supporters."
      • McCain: "You've got to read what he said."
      • Obama: He inappropriately drew a comparison to the Civil Rights Movement and immediately said he did not agree with the statement. Lewis also admitted to crossing a line. Americans are cynical about politics because of this style of tit-for-tat argument.
      • McCain half-interrupts and then allows Obama to continue.
      • Obama: People saying that I pal around with terrorists are not forwarding the conversation.
      • McCain: When you have a large rally, you will attract some fringe people. But to say that the groups who come to his rallies, including military wives and veterans, are anything but dedicated and patriotic is offensive. He won't stand for someone saying that because one person yelled something at a rally. "A lot oft hings have been yelled at your rallies, Senator Obama, that I'm not happy with either." He's repudiated any time anyone's been out of line.
    • 6:24 PM: Question: Are each of you willing to say to each other's face what your campaigns have said about each other?
      • McCain: "This has been a very tough campaign." He feels that if Obama had agreed to townhall meetings with the American people, the way Barry Goldwater and John F. Kennedy had done, the tone of campaign would have been different. He regrets negative aspects of both campaigns. Feels that John Lewis' comments about Sarah Palin and McCain, comparing them to George Wallace, were inappropriate, and Obama did not repudiate them. Asks Obama to repudiate Lewis' remarks. "We will run a truthful campaign." obama has spent more on negative ads than any campaign in history, and McCain can prove it. Says Obama didn't keep his word to keep public funding for his campaign, and lied to the American people.
      • Obama: "We expect presidential campaigns to be tough." He feels that the impressions of the American people, including a recent CBS poll, reflect that McCain has run a negative campaign. 100% of McCain's ads have been negative.
      • McCain: That's not true.
      • Obama: Americans don't care about hurt feelings, but want candidates to address issues. Blaming a lack of townhall meetings for the ads ignores the American people's wishes. Americans deserve a campaign that discusses the issues that matter to them. McCain's campaign has publicly admitted they want to dodge discussing the economy. Wants to talk about economy, health care, energy, education over remainder of campaign. It requires a recognition that politics as usual has been practiced over the past several years.
    • 6:20 PM: Question: Could either of you eliminate the deficit?
      • McCain: "I am not President Bush. If you wanted to run against him, you should have run four years ago." Says Obama voted for a resolution to raise taxes on people making $42,000 a year. "I will balance our budgets."
      • Schieffer: In four years?
      • McCain: We can do it. Americans are angry and want a new direction, and he can bring them in that direction by eliminating spending. "Let's look at our record, Senator Obama." Watchdog groups support McCain because he fought against spending and special interests. Tell me one time you stood up to the leaders of your party on one major issue.
      • Obama: First major bill he voted on in the Senate supported tort reform, which was not popular with trial lawyers, a major Democrat constituency. He supports charter schools, clean coal, etc. On the $42,000 tax increase, that claim has been repeatedly disputed, including by Fox News. "That doesn't happen often when it comes to accusations about me." He mistakes McCain's policies for Bush's because he's "a vigorous supporter of President Bush." He's shown commendable independence on issues like torture, but on economic policies, "essentially what you're proposing is eight more years of the same thing, and it hasn't worked."
      • McCain: "It's very clear that I have disagreed with the Bush Administration." He has fought his own party and has the scars to prove it on issues like Climate Change, torture, earmarks, the war in Iraq, fighting pharmaceutical companies, HMO Patient's Bill of Rights, 9/11 Commission.
    • 6:19 PM:
      • Obama: Across the board spending freezes don't happen, it is a hatchet when we need a scalpel. Some programs are already underfunded. Wants to focus on programs that work. Earmarks are only one half of one percent of the budget; McCain focuses on it too much, he feels. Getting rid of them won't solve the problem. When George W. Bush came into office, there was a budget surplus and debt was half what it is now. He wants to stop pursuing these same kinds of policies, and that's what McCain would do. He voted for 4 out of 5 of Bush's budgets.
    • 6:13 PM: Second question: Aren't you both ignoring reality in regards to the Federal Deficit? Will you have to eliminate your programs?
      • Obama: $750 billion rescue package, if structured properly, means that taxpayers get their money back.
      • Schieffer asks for more specifics.
      • Obama: Strong proponent of pay-as-you-go. When he raises funds for one program, he cuts from another. For example, wants to end subsidies to insurance companies. Wants to eliminate programs that don't work, go through federal budget line-by-line. He and McCain feel differently about the need to invest in the American people. For example, invest in more Americans going to college. Once we get through the economic crisis, we won't be able to go back to "our profligate ways."
      • McCain: Wants to get back to home ownership issue. In Depression times, Home Ownership Loan Corporation bought up mortgages and let people stay in their homes, and eventually made money. Hillary Clinton made a similar proposal.
      • Schieffer asks for more specifics again.
      • McCain: We need to be energy independent. That will create millions of jobs. Across the board spending freeze. That's a hatchet, then he would get out his scalpel. It's a new direction for this country. He'll save billions in defense spending. He will eliminate programs like the Marketing Assistance Program, subsidies for ethanol, tariff on important sugar cane based ethanol from Brazil. He knows how to save taxpayer money by eliminating sweetheart deals.
    • 6:11 PM:
      • Obama: Wants to cut taxes, not raise them. Warren Buffet, he says, can afford a tax increase.
      • McCain interjects that they're talking about Joe the Plumber, not Buffet.
      • Obama: ExxonMobil can pay a little more to help ordinary families. Nobody likes taxes. He'd prefer no one, including himself, had to pay them. But we have to make core investments in our economy.
      • McCain: No one likes taxes, so let's not raise them. American businesses pay the second-highest tax rate of any company in the world. Compares US tax rate to that of Ireland, and argues that companies are going overseas to escape our tax rate.
    • 6:07 PM:
      • McCain: Mentions a meeting Obama had with a plumber who wanted to buy a small business, but could not afford it because it would increase his taxes. McCain would help him buy the business by keeping taxes low and providing affordable health care for his employees. He says Obama wants to increase these taxes, keeping people from realizing the American Dream.
      • Obama: "He's been watching ads of Senator McCain's." Centerpiece of McCain's economic proposal is tax breaks to wealthy corporations, like ExxonMobil. Obama wants to provide a tax cut for 95% of working Americans. If you make less than $250,000 a year, then none of your taxes will go up one dime. Provides 3 times the amount of tax relief to middle class families than McCain. He told the plumber that he can get the tax cut he's been needing for years, right now. Most small businesses make less than $250,000, and he wants to give them extra tax breaks.
      • McCain: Obama said "we need to spread the wealth around." Wants to take the plumber's money and give it to Obama and let him spread the wealth around. McCain wants to let the plumber keep his money. Calls Obama's plans "class warfare." "Why would you increase anyone's taxes right now? Anyone?"
    • 6:02 PM:
      • First question: Why is your plan to solve the financial crisis better than your opponents?
      • McCain: Thoughts and prayers with Nancy Reagan. Americans are hurting and angry. They are victims of Wall Street's greed. They want a new direction. We need a short-term and long-term fix for the problem. He brings up Fannie Mae as the leading cause of the crisis. He's convinced that, until we reverse the decline in home ownership, we can't fix the economy. Wants to buy home loan mortgages and negotiate so people can stay in their homes. He knows this has been criticized because it's unfair to more responsible homeowners. He's disappointed that Paulson didn't make this a priority.
      • Obama: Everyone understands this crisis is the worst since the Depression. Bailout was an important first step, and he pushed for assurances that taxpayers will get money back, that CEOs will not be enriched. We haven't seen a middle-class rescue package. The fundamentals of the economy were already weak pre-crisis. Wants to (1) focus on jobs, including a tax credit for companies that hire in America, (2) help families right away with a middle-class tax cut, (3) get homeowners in a position to renegotiate mortgages, making sure not to make the plan a giveaway to banks (like McCain's) and (4) solve long-term problems in economy (like energy policy and health care).
    • 6:01 PM:
      • Schieffer begins debate with introduction of Barack Obama and John McCain. Subject of the debate will be domestic policy. The debate is divided into 9-minute segments.


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