OXFORD, MISS. — John McCain and Barack Obama differed Friday night over spending, Iraq, diplomacy and who could best change Washington during a wide-ranging and largely polite presidential debate that took place after the Republican nominee abandoned plans to skip the event.
With the economic crisis providing an ominous backdrop for the 98-minute discussion, the two senators were asked if they would support the bailout legislation taking shape on Capitol Hill. Neither would commit without knowing the details, but each claimed foresight in anticipating the debacle.
Obama declared the crisis a culmination "of eight years of failed economic policies promoted by President Bush and supported by Sen. McCain." It was one of many attempts by the Democrat throughout the evening to tie the GOP hopeful to the unpopular incumbent.
McCain blamed the economic siege on greed and corruption on Wall Street as well as in Washington, a problem he said he had fought for years, often against opponents in his own party. The 26-year congressional veteran repeatedly touted his record, drawing an implicit contrast with Obama, a freshman senator.
"Reform, prosperity and peace," McCain said near the close of night. "These are major challenges to the United States of America. I don't think I need any on-the-job training. I'm ready to go at it right now."
The debate's stated topic was foreign policy and national security, and those subjects produced some of the liveliest exchanges. But much of the discussion on the stage at the University of Mississippi was focused on the economy under the questioning of PBS' Jim Lehrer, who served as moderator.
Both candidates acknowledged they would have to retool their ambitious campaign agendas given the enormous Wall Street bailout bill facing Washington. Neither offered specifics, though McCain said he would start by targeting wasteful spending. "How about a spending freeze on everything but defense, veterans and entitlements?" McCain asked.
Obama quickly rejected the notion. "The problem with a spending freeze is using a hatchet when you need a scalpel," the Illinois senator replied, citing early-childhood education as the kind of program that deserves more funding.
McCain accused Obama of favoring a broad-based tax hike and said that was "the worst thing we could do in this economic climate." Obama countered that McCain was distorting his plan and said he would cut taxes for all but the wealthiest Americans. "What I've called for is a tax cut for 95% of working families," Obama said. "Ninety-five percent," he repeated.
