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US rivals meet in first TV debate US rivals spar in first TV debate
(20 minutes later)
US presidential rivals Republican John McCain and Democrat Barack Obama have begun their much-anticipated first head-to-head TV debate. US presidential rivals Republican John McCain and Democrat Barack Obama have attacked each other over the economy in their first head-to-head TV debate.
Asked about a proposed $700bn (£380bn) bail-out of the US economy, Mr Obama said it was the "final verdict" on eight years of Republican policies.Asked about a proposed $700bn (£380bn) bail-out of the US economy, Mr Obama said it was the "final verdict" on eight years of Republican policies.
Senator McCain said he hoped he would be able to vote in favour of the plan. Senator McCain said they had "a long way to go" before the crisis was over.
The debate in Oxford, Mississippi, was due to focus on foreign policy but the economic crisis has come to the fore.The debate in Oxford, Mississippi, was due to focus on foreign policy but the economic crisis has come to the fore.
Mr Obama said: "We have to move swiftly and we have to move wisely." Senator Obama said: "We have to move swiftly and we have to move wisely."
Mr McCain had earlier vowed not to attend the forum in Mississippi until Congress approved the bail-out plan, but he reversed his decision after some progress was made towards a deal. My strong sense is that the best thing I can do... is to go down to Mississippi and explain to the American people what is going on Senator Barack ObamaDemocratic presidential candidate Who will show best in the debate?How should foreign policy change?Send us your comments Mr McCain said he had tried to warn about the impending financial crisis in months past, saying "a lot of us saw this train wreck coming". My strong sense is that the best thing I can do... is to go down to Mississippi and explain to the American people what is going on Senator Barack ObamaDemocratic presidential candidate Who will show best in the debate?How should foreign policy change?Send us your comments
He said that while he was felt happier now Congress was closer to reaching a deal on the bail-out, it would be a long time before the situation was resolved.
"This isn't the beginning of the end of this crisis," he said. "This is the end of the beginning if we come out with a package that will keep these institutions stable and we've got a lot of work to do."
Mr McCain attacked Mr Obama over his record on finance, saying he had asked for millions of dollars in so-called "earmarks" for the state of Illinois since becoming a senator.
Tens of millions of Americans were expected to watch the debate on TV, with only about five weeks to go before the 4 November elections.Tens of millions of Americans were expected to watch the debate on TV, with only about five weeks to go before the 4 November elections.
Earlier this week, Mr McCain announced he was suspending campaigning in order to concentrate on finding a solution to the nation's financial crisis. Significant progress
But less than 10 hours before the scheduled start of the debate at the University of Mississippi, Mr McCain's campaign announced it was "resuming all activities" and that the senator would take part. Mr McCain had earlier vowed not to attend the forum in Mississippi until Congress approved the bail-out plan, but he reversed his decision after some progress was made towards a deal.
Aides to both Mr Obama and his rival have sought to play down expectationsLess than 10 hours before the scheduled start of the debate at the University of Mississippi, Mr McCain's campaign announced it was "resuming all activities" and that the senator would take part.
Mr McCain was now optimistic that there had been "significant progress towards a bi-partisan agreement" on the bail-out, the campaign statement said.Mr McCain was now optimistic that there had been "significant progress towards a bi-partisan agreement" on the bail-out, the campaign statement said.
"Following the debate, he will return to Washington to ensure that all voices and interests are represented in the final agreement, especially those of taxpayers and homeowners," it added."Following the debate, he will return to Washington to ensure that all voices and interests are represented in the final agreement, especially those of taxpayers and homeowners," it added.
Speaking to reporters on his way to the debate, Senator Obama said: "My strong sense is that the best thing I can do, rather than to inject presidential politics into some delicate negotiations, is to go down to Mississippi and explain to the American people what is going on."Speaking to reporters on his way to the debate, Senator Obama said: "My strong sense is that the best thing I can do, rather than to inject presidential politics into some delicate negotiations, is to go down to Mississippi and explain to the American people what is going on."
The BBC's Jamie Coomarasamy in Mississippi says this debate would have been a huge set-piece event under any circumstances - but the economic crisis and its political fallout have only heightened the sense of drama.The BBC's Jamie Coomarasamy in Mississippi says this debate would have been a huge set-piece event under any circumstances - but the economic crisis and its political fallout have only heightened the sense of drama.
'Tough debates''Tough debates'
The US Commission on Presidential Debates had warned that Friday's debate would go ahead with or without Mr McCain. Mr Obama had always insisted he would attend the event.Aides to both Mr Obama and his rival have sought to play down expectations The US Commission on Presidential Debates had warned that Friday's debate would go ahead with or without Mr McCain. Mr Obama had always insisted he would attend the event.
The topics for the 90-minute discussion are national security and foreign policy, considered Mr McCain's strengths, although correspondents say the financial crisis is almost certain to be discussed.The topics for the 90-minute discussion are national security and foreign policy, considered Mr McCain's strengths, although correspondents say the financial crisis is almost certain to be discussed.
Ahead of the debate, each campaign sought to play down expectations for its own candidate while raising them for his opponent.Ahead of the debate, each campaign sought to play down expectations for its own candidate while raising them for his opponent.
Bill Burton, a spokesman for Mr Obama, sent an e-mail to reporters pointing to news stories suggesting Mr McCain was the better debater, particularly on foreign policy.Bill Burton, a spokesman for Mr Obama, sent an e-mail to reporters pointing to news stories suggesting Mr McCain was the better debater, particularly on foreign policy.
"If he slips up, makes a mistake or fails to deliver a game-changing performance, it will be a serious blow to his campaign," Mr Burton said of Mr McCain."If he slips up, makes a mistake or fails to deliver a game-changing performance, it will be a serious blow to his campaign," Mr Burton said of Mr McCain.
Meanwhile, senior McCain adviser Mark Salter said his candidate would have "to do well against a guy who's a pretty good debater, show presidential leadership and be able to speak directly to the American people about what he believes".Meanwhile, senior McCain adviser Mark Salter said his candidate would have "to do well against a guy who's a pretty good debater, show presidential leadership and be able to speak directly to the American people about what he believes".
'Harmful' politics Politics
Talks between Congressional leaders and President George W Bush on a proposed $700bn (£380bn) package resumed on Friday morning after ending in deadlock on Thursday evening.Talks between Congressional leaders and President George W Bush on a proposed $700bn (£380bn) package resumed on Friday morning after ending in deadlock on Thursday evening.
The proposal ran into renewed difficulties when some Republican congressmen withheld their approval, offering an alternative scheme.The proposal ran into renewed difficulties when some Republican congressmen withheld their approval, offering an alternative scheme.
Senators Harry Reid and Chris Dodd lay out their termsSenators Harry Reid and Chris Dodd lay out their terms
In a statement on Friday, Mr Bush conceded that there were disagreements over aspects of the plan, but stressed everyone agreed something substantial had to be done.In a statement on Friday, Mr Bush conceded that there were disagreements over aspects of the plan, but stressed everyone agreed something substantial had to be done.
Earlier, Democratic leaders in Congress criticised Mr McCain for his appearance there during efforts on Thursday to agree a deal.Earlier, Democratic leaders in Congress criticised Mr McCain for his appearance there during efforts on Thursday to agree a deal.
The Senate Majority Leader, Harry Reid, said the "insertion of presidential politics" into the delicate negotiations had been "harmful".
Mr Obama accused his rival of creating "more problems rather than less".
Mr McCain's campaign defended his intervention in the negotiations, saying that until then there had been no deal "that included adequate protections for the taxpayers".Mr McCain's campaign defended his intervention in the negotiations, saying that until then there had been no deal "that included adequate protections for the taxpayers".
It accused the Illinois senator of playing politics and said there "never was a deal" and more work was needed to get both Republicans and Democrats on side.It accused the Illinois senator of playing politics and said there "never was a deal" and more work was needed to get both Republicans and Democrats on side.
You can follow a live text commentary with video of the first presidential debate from 0100 GMT on the BBC News website.You can follow a live text commentary with video of the first presidential debate from 0100 GMT on the BBC News website.