Tuesday, October 7, 2008

LIVE BLOG: McCAIN & OBAMA ON THE ECONOMY


Sen. Barack Obama and Sen. John McCain debated again tonight - this time much acerbic rhetoric and fact checking was abundant.

An issue that got both parties going involved the economy.

QUESTION:
Tom Brokaw: Is the US economy going to get worse before it gets better?

Obama said that he is confident about America's economy, but we're going to have to have leadership from Washington. He said our current regulatory system is "archaic" and "20th century" and this cannot be accepted for a people of the 21st century. He vows to help ordinary families stay in homes. He also hopes to change the culture in Washington so lobbyists are not vying for their own interests.

McCain said he thinks it depends on what we, the government and American people, do. If we act effectively and stabilize the housing market by buying up mortgages then our situation will start to look up. He said that getting rid of cronyism in Washington is a must. Also, he said that he signed a letter pledging to help the government cut spending - he pointed out that Obama's name was not on that letter. McCain thinks the American workers are fundamental aspect of economy - the best exporters, the best importers, the best workers in world. He wants to give them a chance to be the best again. They are the innocent bystanders.


To access ABC News coverage, click here.

QUESTION:
Theresa Finch (Audience member): How can we trust either of you with our money when both parties got us into this global economic crisis?

Obama said that he understands America's frustration and cynicism because while they have carried out their responsibilities like not going out to dinner as much, that's not what happens in Washington. He said it is important to remember a little about history and President George W. Bush's surplusses that racked up ½ trillion debt nationally. He said he is going to spend some money on the key issues that we have to work on like healthcare and energy since we can't keep borrowing from China. he said we can't keep mortgaging our kids' education. He proposed cutting more than his spending so it will be a net-spending cut.


McCain acknowledged Theresa's comment as well. He said the system in Washington is broken. He regarded himself as a consistent reformer and as having a clear record of bipartisanship. He said Obama has never taken on leaders of his party. He urged everyone to look at our records as well as our rhetoric- that's part of America's mistrust. He said that he has fought against excessive spending while Obama is going to increase spending to $860 billion and spent millions on a planetarium in Chicago. McCain said his kind of reforms will keep people in their jobs and get middle income folks working again. His main priorities are energy independence, nuclear power and drilling offshore to decrease dependence on foreign oil. He said that it is fundamental economics – if we don't have a shortage then foreigners cannot name high prices because we are not in a shortage and willing to pay high prices.

To access ABC News coverage, click here.

QUESTION:
A 78-year-old who group up in the Depression: Since WWII we've never had to sacrifice anything to help our country but the blood of our heroic men. What sacrifices as president would you ask people to make to restore the American Dream and to get out of the economic morass that we're in?


McCain said we have to examine every agency and bureaucracy of government. He also proposed a spending freeze in most departments, except for defense. While some programs may not grow as much as we'd like them to, McCain said that the tradeoff is worthwhile and the public will have total transparency of the government's spending.


Obama said that after 9/11 President Bush did some smart things on outset but all he really said to American people was 'Go out and shock.' He thinks the American people are hungry for the kind of leadership that will do things outside of government.


To access ABC News coverage, click here.

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