John McCain and Barack Obama exchanged fire on economic policy and discussed the current financial crisis in their first televised debate of the presidential election on Friday after the Republican candidate dropped his threat to boycott the event.
While both candidates were reluctant to specify their positions on the continuing negotiations on the Bush administration’s plans for a $700bn rescue package, they assailed each other’s policy on taxes and expenditures.
Mr McCain emphasised his call to reduce government spending, saying that in the light of the current crisis the administration could have to consider a spending freeze on everything except defence, veteran affairs and entitlements.
“We have got to cut spending: government has got completely out of control,” he said. Striking a populist note, he added: “Main Street is paying the price for corruption and greed in Wall Street and Washington. We have to fix the system.”
But as Mr McCain criticised Mr Obama for his spending plans, the Democratic nominee accused his Republican rival for continuing the economic policies of George W Bush.
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