Classroom Publication

Issue date: 11/10/08 Section: Presidential debate

Media Credit: Getty Images

Each of the presidential debates centered on a particular theme. For the third presidential debate this theme was domestic policy.

Bob Shiefer moderated the debate at Hofstra University. Shiefer asked nine questions of the candidates during the hour and a half it took place.

The first question of the candidates was "Why is your economic plan better than his?"

McCain began the discussion by saying that we would have to think about short term and long term fixes.

He mentioned reversing the continued decline in home ownership as part of the short term solution.

When referring to the $750 billion bailout package he said "let's take 300 of that billion, and go in and buy those home loan mortgages."

When speaking of the current administrations attempts at a solution he said he was "disappointed Secretary Paulson, and others have not made that their first priority."

Obama clarified when he said "the financial rescue plan that Senator McCain, and I supported is an important first step. What we haven't yet seen is a rescue package for the middle class."

McCain had mentioned spending $300 billion of the $750 billion to buy up loan mortgages, but failed to mention any specifics.

Obama said "I've proposed four specific things that I think can help."

The first thing was to "focus on jobs."

The second was to "help families right away" by providing a tax cut for anyone making under $200,000 a year.

The third was to "make sure it isn't a giveaway to banks" considering that they would be buying up mortgages that are worth significantly less than they once were.

The fourth encompassed fixing energy policy, fixing the healthcare system, and investing in the education system.

He referred to foreign oil saying "we've got to stop giving our wealth away overseas."

Obama acknowledged that independent studies had concluded that his plan would be three times more effective for middle class families.

For the second question Bob Shiefer said each economic plan would add an extra $200 billion to the deficit, and asked "aren't you ignoring reality? Won't some of your projects need to be trimmed, postponed, or even eliminated? Give specifics on what you're going to cut back."

Obama began the debate on this question by saying that ultimately if the $750 billion bailout plan is structured properly taxpayers will get their money back.

With more specific regard to the question Obama said that with "every dollar I've proposed, I've proposed an additional cut so it matches. Just to give an example - we spend $15 billion on subsidies to insurance companies - it's just a giveaway."

He went farther by saying that "we need to eliminate a whole host of programs that don't work," and "there is no doubt that we've been living beyond our means."

McCain initially skirted the original question by focusing on homeownership when he proposed that "if we can start increasing home values then there will be creation of wealth."

Shiefer then began to say "the question was…" when McCain interrupted him and said "well…we have to have nuclear power. We have to stop sending $700 billion a year to countries that don't like us very much."

Finally McCain said "okay what would I cut? Okay I would have an across the board spending freeze. Some people say that's a hatchet, yeah that's a hatchet and then I'd get out a scalpel."

McCain continued in this unspecific language when he said things like "I know how to save billions on defense spending," and "I know how to cut programs."

To this, Shiefer asked "which ones?"

McCain responded by mentioning the "marketing assistance program, subsidies for ethanol, and eliminate the tariff on imported sugar cane based ethanol from Brazil."

Obama then said "an across the board spending freeze is a hatchet, and we do need a scalpel."

He then concluded by saying that "some programs don't work at all…some are underfunded."

Shiefer then asked "do either of you think you could balance the budget in four years? You've said before you could Senator McCain."

McCain said "sure I do. We can do it with this kind of job creation of energy independence."

McCain then challenged Obama by saying "you've got to tell me when you've stood up to the leaders of your party on one single major issue."

Obama then said "There's a lot of stuff that was put out there so let me try to address it."

Much of the later portion of the debate maintained this tone of McCain challenging Obama, and Obama then forced into a position of defense, and attempts to discredit the accusations made by McCain.

Shiefer then said "both of you pledged to take the high road in this campaign yet it has turned very nasty. Are each of you willing to say to each other's face what your campaigns have said about each other?"

McCain acknowledged that "this has been a tough campaign."

He said "if Senator Obama had responded to my urgent request to do town hall meetings…we could have done about ten of them by now."

He also said "I regret some of the negative aspects of both campaigns."

He said that congressman John Lewis had connected McCain, and his running mate governor Sarah Palin with "the worst chapter in American history - segregation. Senator Obama didn't repudiate those remarks. Anytime there has been an out of bounds remark by a republican I have repudiated those remarks."

McCain went farther to say "Senator Obama has spent more money on negative ads than any other campaign in history."



Links

The Third Presidential Debate

Reactions from the Huffington Post website.

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