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Walk softly, carry a big stick

Let the fireworks begin!

Sen. Barack Obama and Sen. John McCain headed into the second of three presidential debates, which is taking place at Belmont University in Nashville, Tenn., with high expectations. For McCain, the stakes are even higher -- recent polls show Obama taking the lead in both national polls and several key battleground states.

Tonight's format is McCain's favorite style -- the town-hall debate. The audience consists of undecided voters who, along with Internet users, submitted questions to moderator Tom Brokaw of NBC. Voters will get to ask the questions themselves, and the candidates cannot ask each other questions.

The first foreign policy question of tonight's debate tied foreign policy to the current economy crisis: How will recent economic distress affect U.S. ability to be a peacemaker?

"We are a nation of good," says McCain. He goes on to say that "the U.S. needs to know when to go in, when not." McCain then went on the offensive, saying Obama was wrong about Iraq and the surge. Obama "does not understand our national security problems. We don't have time for on-the-job training," McCain says.

Obama replies, "It's true, I don't understand. I don't understand how we ended up invading a country that had nothing to do with 9/11. Iraq has put an enormous strain on our troops, on our budget." He goes on to detail the financial cost of the war in Iraq: $10 billion a month, while Iraq has a $79 billion surplus. "We need that $10 billion in America," Obama says.

Moving on to Pakistan, McCain talks about his "hero Teddy Roosevelt, who liked to walk softly and carry a big stick. Obama likes to talk loudly. He said he wants to annouce he's going to attack Pakistan."

McCain then explains that U.S. relations with Pakistan are crucial and the strategy that "succeeded in Iraq" -- getting the support of the people -- will work in Pakistan.

Obama fires back: "This is the man who sang "bomb bomb bomb Iran."

See the latest polls or get more Election '08 news.