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Moderator Tom Brokaw set up the questions and struggled mightily all night to get the presidential hopefuls to stick to the strict two-minute response and one-minute follow-up times.
The first hour of the debate focused on the economy and domestic-policy issues, with McCain going hard after Obama's health care plan at one point, claiming the Democrat would impose 'mandates' and fine families and businesses that don't sign up for the plan. 'That's remarkable,' McCain said. 'If you're a parent and you're struggling to get health insurance for your children, Senator Obama will fine you.'
Taking a page from McCain's running mate's book, Obama mostly disregarded the next question on whether health care is a privilege, a right or a responsibility and denied that his plan would impose fines or mandates, explaining, 'It's true that I say that you are going to have to make sure that your child has health care, because children are relatively cheap to insure and we don't want them going to the emergency room for treatable illnesses like asthma.'
With McCain now trailing in national polls and the economy spiraling further down with each passing day - a situation that most pundits agree favors Obama - both men tried to portray their economic plans as the salve the country needs to get back on its feet, while pointedly tearing down the other's priorities. Obama lashed McCain for supporting the 'failed economic policies of the last eight years' under President Bush, saying the Arizona senator's plan to provide $300 billion in tax cuts would mostly benefit big business and oil companies.
McCain countered by saying that with the 'encouragement of Senator Obama and his cronies and friends in Washington,' the failed mortgage giants Fannie Mae and Freddie Mac made risky loans to people who couldn't afford them, which served as the 'match that lit this fire.' McCain also claimed that Obama was the second highest recipient of Fannie and Freddie money in history. 'Some of us stood up against [Fannie Mae and Freddie Mac] and others took a hike.'
Unlike the first debate, where Obama sometimes agreed with McCain before disagreeing with him, in Tuesday night's showdown, Obama hit back that it was McCain's actions that were the real catalyst for the meltdown, tarring his opponent with being behind the deregulation of the financial system that helped lead to the sub prime mortgage meltdown

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