Debate Transcripts
10:31pm – Go vote now. It will make you feel big and strong.
As Schieffer closes with the advice above from his mother, the candidates are joined by their wives. They descend from the stage to greet the audience.
10:27pm  – Closing Time
McCain says he has a record of reform and has been a careful steward of tax dollars. He says that the promises and committments that he and Obama made are all based on whether or not you can trust us. He reminds us all that he is a veteran, which assumingly makes him trust worthy.
Obama says the biggest risk we could take during this horrible economic time is to adopt the same failed policies of President Bush. Obama says he has fought for policies that have lifted wages and increased jobs. He promises that if we give him the honor of serving as president he will work tirelessly.
10:16 Education: Paying More, Getting Less
Obama starts. He says early childhood education will reduce the achievement gap. Recruitment, higher pay, professional development, higher standards and accountability for teachers will turn around our education system says Obama.
On Education, now McCain is a proponent of choice. McCain says Education is the civil rights issue of the 21st century. Choice and competition among schools is one of the key elements to improving schools.
The candidates are back in attack mode. Obama says that with No Child Left Behind, President Bush instituted unfunded mandates. On Charter schools the candidates agree. The first time tonight. But Obama doesn’t agree with McCain’s support of vouchers.
Obama says our children are not interest groups. He says that his opponent. McCain is condescendingly surprised that Obama did not recognize Washington D.C.’s successful voucher program.
Obama responds, he acknowledges the education problem in D.C. and commends the mayor for turning the situation around. McCain interrupts him and says that the mayor of D.C. supports vouchers. Obama continues by explaining that vouchers still leave students out in the cold.
10:08 – Ideological Standards on Abortion
I would not impose a litmus tests, says McCain as he responds to choosing a judge who does or doesn’t support Roe V. Wade. He calls Obama’s stance on abortion as ideological. Obama says he also would not provide a litmus test, but he believes that Roe was rightly decided. He says that women are in the best position to make the decision about abortion.
“McCain says we have to change the culture of America,” says McCain. “Those of us who are pro-life understand that.” McCain highlights Obama’s vote against a ban on partial birth abortion. McCain says Obama’s record is a direct contradiction to mainstream America.
Obama says that he would not vote to withhold life-saving treatment to an infant. He explains, once again, why he along with other pro-choice senators voted against the ban. He says there was already a law on the Illinois books which required life-saving treatment to infants. Obama wants to find common ground on the issue because he says it is an issue that divides us. Obama wants to reduce unintended pregnancies and improve adoption. He said nobody is pro-Abortion and believes it is always a tradegy.
9:58pm – Healthcare for Joe “The Plumber”
McCain appeals to the regular “Joe.” He wants to give every American family $5000 credit for healthcare. Obama says he will exempt Jo’s small business from having to pay health insurance to his employees. But he says that if Jo wants to do the right thing for his employees than they can get goverment sponsored healthcare. Obama attacks McCain’s plan by pointing out that the average healthcare plan costs $12,000 but Mccain is only offering $5000. McCain says that with his plan people can go where they want to go for healthcare and they don’t have to look to Obama to choose their healthcare. He says they will have affordabiilty and availability. Obama deploys his counter attack. He said McCain’s plan could lead to the unraveling of the employer-based healthcare system.
9:48 pm – Schieffer Wants Specifics
Schieffer wants the candidates to give specifics about how America will become independent of foreign oil.
In 10 years we can reduce our dependence from Venezuela says Obama. He says we are mortgaging our children’s future. We need to expand domestic production. Obama tells oil companies if you don’t use the 68 million acres they own then they should lose them. Obama believes in free trade but he doesn’t believe that just any trade agreement is a good trade agreement.
McCain says he honors Obama’s eloquence, but then he turns around and insults Obama.
9:41pm – Running Mates
The moderator asks why would your running mate be better as president than your opponents running mate.
Obama says that Joe biden’s entire life he has not forgotten where he came from. “He has always made sure that he is fighting for working families. He and I both agree that we will have to reprioritize and invest in American people,” says
Obama. Together, Obama says that he and Biden will not give tax cuts to big business and get serious about energy independence. Obama says that on the key issues Biden has always been on the right side.McCain says that Sarah Palin is a role model and a reformer. He says that she has given money back to the tax payers and cut the size of the government. She relieves energy needs of the country. McCain describes Palin as a breath of fresh air. He says that he is proud of her and her family
When asked if Palin is qualified to lead the country, Obama says Palin is a capable politician that has excited the Republican parties base.
McCain says that Biden is qualified, but has been wrong on foreign policy issues which is supposed to be his strength.
9:38pm – Ayers and ACORN
McCain says he doesn’t care about some washed up terrorists, but about Acorn an organization that according to McCain is destroying the fabric of democracy with “voter fraud.”
Obama is addressing Bill Ayers. He says that he condemns Ayers Acts during the 1960s. He says that he served with Ayers and other Republicans on the board of the Annenberg Challenge. In terms of ACORN, Obama says that the only involvement he had was when he represented them alongside the U.S. Justice Department on “Motor Voter” laws. “Democrats and Republicans have shaped my ideas and will serve with me in the White House,” says Obama.
My campaign is about getting this country back on track and creating jobs for America, says McCain, not about who Obama associates with.
9:26 – Nasty Words
The moderator accuses both candidates of running “nasty” campaigns. He asks them how will they change that.
McCain says that Sen. Obama would not respond to his requests to town hall meetings. He also says he regrets the negative aspects of the campaign. He says he will run a truthful campaign and accuses Sen. Obama of spending more money on negative campaigns then any campaign in American history. He also called Obama on refusing campaign finance money.
Obama says that 100% of McCain’s ads have been negative. He says the American people are less interested in our hurt feelings than in them addressing the issues. I know I will be attacked over the next four weeks says Obama. He says that these issues will not change America’s economic policies. Obama hit McCain where it hurt. Since McCain reminded everyone about Ayers, Obama reminded everyone that McCain’s own campaign said publicly that if they continue to talk about economics then McCain will lose.
McCain says that Sen. Obama is spending unprecendented amounts of money for negative ads on him.
Congressman Lewis said he was troubled by things said at a McCain rally. McCain felt like  “When my name came up people would yell “Terrorist” or “Kill him” and McCain’s running mate did not say anything.” Obama says that all American people see is tit for tat and back and forth when they want to see them talk about policies. “When people suggest that I pal around with terrorists, we are not talking about issues,” says Obama.
9:21 -Reform on Spending and Special Interests
“I am not president Bush if you wanted to run against President Bush, you should have run 8 years ago,” says McCain. “I will balance our budgets. Americans are hurting tonight and they want a new direction. I can take them in a new direction by eliminating spending.” McCain says he has fought agains spending and special interests and challenges Obama to name ways he has stood up to Democratic party leaders on spending.
Obama says that he parted with his party on charter schools. Obama swings the ax back at McCain. He tells him that he compares him to Bush because “on the core economic issues that matter to the American people you have been a vigourous supporter of president Bush,” says Obama. “When it comes to economic policies essentially what you are proposing are eight more years of the same thing.”
9:18 pm – Earmarks
I save Billions says McCain. He outlines all of the different earmarks that he has targeted. I think that we do have a disagreement about across the board spending, says Obama. He says that there are some programs that don’t work at all and some that are overfunded. Earmarks account for one half of one percent says Obama. Focusing on earmarks will not solve the problem.
9:10pm – More on Taxes
Why would you raise taxes now, asks McCain. We need to cut taxes now in America. We need to encourage business enterprise. Obama says that we need to support American investments that make the country work.
Schieffer asks whether your proposals need to be trimmed.
Obama says there is no doubt we have been living beyond our means. He wants the world to no that he fights special interests too and that the country will need to make some adjustments. “I have been a strong proponent of pay as you
go,” says Obama. Some of the cuts Obama says he has voted against were $15 billion a year on healthcare programs that don’t work. If we make investments now it will save on Medicare and Medicaid in the future says Obama.9:02 pm – And So it Begins.
Schieffer refers to the plans that both candidates have proposed this week. He asks, Why is your plan better than his?
McCain goes first. “Americans are hurt right now and they are angry,” says McCain. “They are inocent victims of greed from Wall Street as well as Washington D.C.” McCain says that we need short term fixes. He suggests that Fannie Mae and Freddie Mac are at fault for the current economic turmoil. He wants to go in and buy those home mortgages and renegotiate them so that citizens can stay in their homes.
The financial rescue plan is an important first step, says Obama. But he thinks it will take some time to work itself out. He proposes some specific things: Focus on jobs, end shipping jobs overseas, provide middle class tax cut for people making less than $250,000. We have some long term challenges says Obama.
8:56pm- Bob Schieffer is introduced.
He says this is the most exciting campaign that he has covered and he has covered a lot of campaigns.
Tonight Presidential Candidates Sens. John McCain and Barack Obama will meet to debate on issues of foreign affairs, the economy, employment, education and hopefully much more. The debate held at Hofstra University and moderated by CBS anchor Bob Schieffer will begin shortly. Americans at home, in the audience and around the world are waiting to see how the candidates will stand on our countries most dire concern: the U.S. economy. Today the Dow Industrial Average closed down 733 points, the employment rate is suffering like it hasn’t in years and families are being foreclosed on in record numbers.
Marcia A. Wade is a reporter at Blackenterprise.com