notes on the debate

Notes on the first debate--I'll try to keep up:

How to fix economic crisis:

Obama:

- we're in this mess because of 8 years of Republican policy under Bush & co.

- Package needs:

1. oversight

2. protections for homeowners

3. (something else)

4. (something else)

- we haven't seen the language of the bill yet; I'm optimistic about the package

- 2 years ago, I warned about lax regulation & housing over-lending; last year, I wrote to the secretary of the treasury

- yes we have to intervene, but we also have to look at why we "shredded up" so many regulations

- the root problem is an attitude that all regulation is bad

- "mccain is right that we need more responsibility, but we need it not just in times of crisis"

- we need to look at underlying issues that are causing wages to go down & unemployment

- we need solutions not just for big lobbying groups, but for individuals facing their own economic crises at the end of the month

about spending:

I suspended any spending bills for my home state until we got things under control

earmarks accounted for 18 billion dollars last year, but mccain wants 300 billion dollars in corporate & ceo tax cuts

i've called for a tax cut for 95% of americans

McCain:

- it's good that this solution is working bi-partisan

- Package needs loans to businesses, oversight, transparency

- eliminate dependence on foreign oil

are you gonna vote for the plan? - "sure"

- I also warned about this coming crisis

- we've lost the kind of accountability

- I've been criticized because I called for the resignation of the chairman of the SEC

- wall street: greed, excess, corruption are rewarded

- "people are gonna be held accountable in my administration, I will guarantee that"

- "we've gotta fix the system, we've got fundamental flaws in the system"

- "obviously, stricter interpretation & consolidation of overseeing bodies"

Mccain: 

we've got to get spending under control in washington 

- "we republicans came to power to change government, and government ended up changing us"

"earmarking & porkbarrel spending is a gateway drug...to overspending & corruption"

"I'm gonna veto every single spending bill that comes across my desk, you've got my word on it"

I hear this all the time, "It's only 18 billion dollars"--but it's tripled in the last 4 years

obama wants 800 billion dollars in spending increases--

Obama: I don't know where mccain's getting his numbers

I want (health care, etc.), and I account for every one of those dollars

"eliminating ear marks alone is not a recipe for getting the middle class back on track"

mccain: right now, american businesses pay the second-highest business taxes in the world, 35%. why wouldn't american businesses go overseas? I wanna cut that tax so that businesses stay here and create jobs

I want people to have tax cuts. I want every family to have a refundable $5000 tax cut so they can shop for health care

obama: if you make less than a quarter million dollars a year, you won't see a penny of tax increase in my plan

35% may sound high, but it's not what businesses actually pay--there are so many loopholes that our tax rate is actually one of the lowest in the world

mccain for the first time in history wants to tax health care--you may get 5000, but your employer has to pay taxes on that health coverage.

mccain: some kind of proposal about having only 2 tax brackets

obama: we all would love to give tax cuts to everybody, but if you're giving it to oil companies, that's less for americans

what are you going to have to give up to pay for this bailout package?

obama: we're not gonna be able to do everything i think need to be done. there are some things

1. 10 years' time, we'll be independent of foreign oil--using more production at home & more alternative energy sources

2. we have to fix our health care system--many are going bankrupt as a consequence of our healthcare system

3 we have to invest in math, science & technology education--we have to make college affordable

4. we have to rebuild our infrastructure--roads, bridges, electricity

we've gotta eliminate programs that 

mccain: what priorities would you adjust?

- we've gotta cut spending.

- we have to do away with cost plus contracts in our defense system. defense is the biggest chunk of our gov't costs

- defense spending is vital, but we've gotta get overspending under control

- I saved taxpayers 6.8 billion by fighting defense contract overspending

obama: we right now give 15 billion dollars to private insurers through medicare because of loopholes & lobbyists

I support transparency in gov't: every 

Mccain: spending freeze on everything but defense & veteran care

okay, I surrender. I can't type fast enough. CNN, do your thing.