Debate kicks off with economic matters

The first 40 minutes of a presidential debate scheduled to be on national security instead focused on the nation's economic crisis.

Both candidates quickly turned to their signature issues. Democrat Barack Obama tried to tie his GOP rival to the unpopular Bush administration while John McCain criticized spending in Washington, particularly earmarks, which he has long campaigned against.

{mosads}"This is the final verdict on eight years of George Bush and supported by John McCain," Obama said of the economic crisis.

McCain said that "the first thing we have to do is get spending under control in Washington" and went on to criticize earmarks, and particularly those of his Democratic rival.

Obama promptly noted his had stopped requesting earmarks until the system was fixed.

Moderator Jim Lehrer repeatedly pressed the two candidates to name some of their spending projects they would have to cut because of the $700 billion bailout package.

"There are going to be things that end up having to be deferred and delayed," Obama said without going into specific issues. He also said "there is no doubt it's going to affect our budgets."

McCain said he would cut spending, particularly "ethanol subsidies." He later offered: "How about a spending freeze on everything but defense, military veterans."

Obama, asked if he agrees with the Arizona senator, said "It depends" and cited the expenses in Iraq as an area that could be cut.

The debate in Oxford, Miss., started as scheduled despite questions throughout the later part of the week as to whether it would take place.

McCain suspended his campaign on Thursday and Friday to return to Washington to work on the bailout package. He originally said he would not attend the debate unless the financial crisis was resolved but announced Friday afternoon he would be present. Obama had said he would be in Oxford even if he had to be there alone.

The two candidates with Bush at the White House on Thursday afternoon, along with congressional leaders, to discuss the financial crisis.

The Hill is live blogging the debate on The Briefing Room blog .