McCain vs. Obama: The final debate

The abortion issue | 7:10 pm

The debate turns to Roe v. Wade and how it would affect choosing nominees for the Supreme Court.

McCain says, "I'm a federalist. I think the decision should lie with the states." He explains how he would choose a Supreme Court justice: "Nominees should be chosen for their qualifications, not by applying litmus tests."

Obama replies that he agrees a litmus test should not be the deciding factor for a judicial nominee. He says that abortion is a moral issue: "I believe that Roe v. Wade was rightly decided," he says. In regards to abortion, "women...are in the best position to make this decision. I will look for judges with an outstanding judicial record."

Biden vs. Palin | 6:45 pm

The debate turns to the running mates. Schieffer asks, "Why would the country be better off if your running mate became president rather than your opponent's?"

Obama says, "Biden has some of the best foreign-policy credentials of anybody." He talks about how Biden never forgot where he came from, and how his running mate has a history of "fighting for the little guy." Obama then highlights Biden's passing of the "landmark 1994 crime bill, the 'violence against women' bill."

About Palin, McCain says, "Americans have gotten to know Sarah Palin, they know she's a role model to women and a reformer,'" calling her a "breath of fresh air." He then says that he respects Biden, but that he has "been wrong on a number of foreign-policy issues."

'On the attack' | 6:30 pm

Schieffer raises the issue of how the campaign has turned negative, an opportunity for McCain to raise questions about Obama's ties to '60s radical William Ayers. But McCain, surprisingly, doesn't bite. Instead, he expresses disappointment in Obama's refusal to do joint town halls, take public funding, and his campaign's negative ads.

Obama talks about how people at rallies were yelling "terrorist" and how Gov. Sarah Palin didn't say a word. Obama then took on his ties to Ayers himself: "Mr. Ayers is not involved in my campaign. He has never been involved in my campaign. And he won't advise me in the White House." He then turns to the ACORN voter registration controversy, saying his campaign had nothing to do with ACORN.

'I am not President Bush' | 6:20 pm

The second question touches on which programs would have to be cut due to their economic plans. Obama hits McCain for voting for Bush's tax proposals. McCain fires back: "I am not President Bush. If you wanted to run against President Bush, you should've run four years ago." McCain then says that he can balance the budget in four years. He also says that Obama would raise taxes on people making as little as $42,000 a year.

Once again, it's the economy | 6:16pm

With most polls showing Sen. Barack Obama leading nationally and in key battleground states, Sen. John McCain is once again looking to change the direction of the race. His debate performance will undoubtedly be a key part of his 'comeback' strategy. Obama's goal for tonight: 'Do no harm.'

The third and final presidential debate, which is focusing on the economy and other domestic issues, takes place at Hofstra University in New York. The two candidates are seated together at a table with CBS News anchor Bob Schieffer, the debate moderator. According to CNN, Shieffer will have more latitude in asking follow-up questions.

Schieffer opens by asking both candidates, ''Let's try to tell the people some things that they haven't heard."

The first question of the night: "Why is your economic plan better than your opponent's?"

McCain opens with condolences for an ailing Nancy Reagan, then jumps right in: ''We have to have a short-term fix and long-term fixes."

Obama focuses his answer on the middle class, saying ''What we haven't yet seen is a rescue package for the middle class." He goes on to specify some key points of his plan: "End tax breaks for firms shipping jobs overseas...help families with a middle-class tax cut...and let homeowners renegotiate mortgages."

And they're off...

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