The Presidential Debate 9/26/08

Where do you stand on the economic recovery plan?

Obama -
#1 Oversight of $700 billion
#2 Assure tax payers can get their money back
#3 No Golden Parachutes
#4 Protect Homeowners

Says trickle down economics do not work.

McCain -

Transparency
Accountability
Need to create jobs
Eliminate dependence on foreign oil

Are you in favor of economic bailout?

Obama - Haven't seen it. Says he wrote to Secretary of Treasury to point out problems.

McCain - Also warned about Fannie Mae and Freddie Mac and corporate pay. We need to reward people who succeed. Not reward greed and corruption. He'll hold people responsible accountable.

McCain says we need to get spending under control. He says he will veto any spending bill. He says Obama has asked for almost a million dollars a day for every day he was in the Senate.

Obama says he suspended everything for his state. Ear marks account for $18 billion he says McCain is asking for $300 billion dollars in tax breaks for corporations. He wants to grow the economy from the bottom up.

McCain says Obama only suspended pork barrel spending in his state after he began to run for President. Says Obama has proposed $800 billion in new spending.

Obama says he's closing corporate loopholes. He says eliminating earmarks will not get the middle class back on track.

McCain says the business tax is the second highest business tax in the world 35% - if you go to a country where the rate is 11% you'll make money. If you cut the tax rate you'll keep jobs here, and create more. He wants to give every family a $5000 refundable tax credit to buy health care. Double the dependant child dividend from $3500 to $7000.

Obama's definition of rich. If you make less than $250,000 you will not see a tax increase. He says business tax loopholes have an effective tax rate that is one of the lowest in the world. Says the $5000 tax credit but the tax benefits will be taxed. He doesn't believe that the market can solve everything.

McCain says they had an energy bill that had billions of dollars of breaks for the oil corporations. He voted against it, Obama voted for. Obama has voted to raise taxes on $42,000 -

Obama says not true, but doesn't defend it.

The financial rescue - As President of whatever financial rescue plan, what are you going to have to give up to pay for the rescue plan?

Obama - doesn't know what the budget will look like next year. Has to have energy independence. 10 years we'll be free of international oil. Have to fix health care. We have to compete in education, science and technology. Have to make sure our children are keeping pace. Make college affordable. Rebuild our infrastructure. Also make sure electricity grid is capable of getting new energy to places it's needed.

McCain - WE HAVE TO CUT SPENDING Government is completely out of control. Can't reach across the aisle as far left as Obama is. He would eliminate ethanol subsidies. We have to do away with cost plus contracts for defense. Fixed cost contracts. Defense spending is very important, but we have to get the cost overruns under control. We have to examine every agency in government and get rid of anyone who isn't doing his job.

Obama we give away $15 billion to private insurers through the Medicaid program. Says he's not super liberal, just opposes Bush. He wants to make a Google for Government to list for the taxpayer what they are spending on.

McCain a spending freeze on everything except national defense and caring for veterans.

Obama wants to increase early childhood education. We're currently spending $10 billion a month in Iraq, need to bring war to a close.

McCain says we're sending $700 billion to countries that don't like us. We need offshore drilling and nuclear energy. We could create 700,000 jobs by building 45 nuclear power plants by 2030.

Obama the bailout will affect our budgets. Even if the economy recovers and we get the money back, we won't see the money for awhile. The tax revenues will be down.

McCain doesn't want to hand the health care system over to they federal Government. We have to cut spending. Obama has $800 billion in new spending programs. We can adjust spending to take care of current programs. A healthy economy with low taxes, without raising any ones taxes, is the best recipe for economic recovery along with spending restraint. We're here because spending is out of control. Has plans to reduce wasteful spending.

Obama brings up that McCain agrees with Bush 90% of the time.

McCain says he has opposed the President on climate change, Guantanamo, how the Iraq war has been operated.

What are the lessons of Iraq?

McCain You cannot have a failed strategy that will lead you to nearly lose a conflict. The war was mishandled after we took Baghdad. Says new strategy has succeeded. Troops will come home not in defeat. Consequences of defeat are greater Iranian influence. Thanks to General Petrais, we will come home, not in defeat.

Obama six years ago he opposed the war. Not only did we not know how much it would cost, or how it would affect our relationships around the world. Hadn't caught Bin Laden, haven't finished Afghanistan. Spent $600 billion and 4,000 lives. Al Qaeda is as strong as it's been since 2002. $79 billion military surplus during the economic crisis at home. Military needs to be used to keep Americans safe.

McCain will have to decide when we leave and what we leave behind. Says Obama said troop surge wouldn't work, then said it exceeded his expectations, but still would not have voted for surge.

Obama says issues of Afghanistan and Iraq don't go through his committee. Violence has been reduced due to our troops and military families. Surge was a tactic to contain damage of mismanagement. War has only been successful since 2007. "Who is best equipped as to how we use our military?"

McCain says Obama doesn't understand the difference between tactic and a strategy. He's been to Iraq. Says troops tell him to "let us win, we don't want our kids coming back here." Obama voted to cut off funding for troops in Iraq and Afghanistan.

Obama says McCain opposed funding for troops in legislation with a time table. He says he opposed funding for troops without a timetable. Didn't want to give a blank check to George Bush. We should end the war responsibly, in phases. Wants to capture and kill Bin Laden.

McCain says Obama's plan is dangerous according to General Patrais. Iraq is the central battle ground. Says Obama's timeline would have pulled the troops out before the troop surge. If we adopt Obama's plan we will have a wider war.

Do you think more US troops should go to Afghanistan, how many and how soon?

Obama - Highest fatalities among US troops in 2007 since 2002. 2-3 additional brigades to Afghanistan. We have to deal with a growing popply trade. We have to deal with Pakistan. We've been giving Pakistan $10 billion.

McCain - A new strategy has to be employed in Afghanistan. Need cooperation of the people in the country.

What is your reading of the threat from Iran?

McCain -They are a threat to Israel, we cannot have a second Holocaust. We could impose significant, painful sanctions on the Iranians that would have a beneficial effect. We can with a League of Democracy control them. They are on the path to nuclear weapons. They are putting the most lethal IED's into Iraq. They are a threat to security in the world, and with our friends can contain them.

Obama - The single thing that has strengthened Iran is the war in Iraq. The policy over the last 8 years has not worked. We need tougher sanctions. We need to include Russia and China as allies against Iran. We need tough direct diplomacy. Our efforts of isolation has increased their path to nuclear weapons.

***Last half hour on a later post***