On the night of 26 September 2008, the United States of America witnessed the first Presidential debate between the Democrat candidate Senator Barack Obama and Republican candidate Senator John McCain. Both the candidates reasserted their positions espoused during the campaign in the past months. According to a CNN Poll earlier in the day, the majority expected Senator Obama to perform better in the debate. Senator McCain joined the debate after suspending his campaign for a couple of days prior to attend the Senate discussing the financial crisis facing the nation. Both candidates were in Washington a day before the debate, participating in discussions on the US$700 billion Federal bailout plan, which was subsequently defeated in the House of Representative two days later. Preceded by high political drama the debate reflected the policy options that each would pursue if elected in January 2009.

On the question of the Iraq war, the two candidates presented fundamentally different positions. According to Senator McCain, the US needs a strategy which does not result in the problems encountered in Iraq after the invasion. He asserted that America could not afford a failed strategy. The implication is that if elected to power he will merely change the deployment strategy and not the policy of pro-active engagement. He even suggested that the US was winning the war in Iraq. Senator Obama's first reaction was, "Why was it necessary to go into Iraq in the first place?" a sentiment echoed by the majority of Americans. He emphasized the need to use American power responsibly. On America's relations with Russia, the candidates again presented diametrically opposite positions. Innovating on President's Bush's comments, McCain said that when he looked into President Putin's eyes he read three words "KGB," which sounded like a reassertion of the Cold War mindset. He went on to elaborate on his 'League of Democracies' which seeks to create a group of democratic nations, excluding Russia and China. Senator Obama stated his position that it was essential to engage Russia given its geo-political influence.

A heated argument characterized the discussions on Iran. McCain attacked Obama's position of talking without pre-conditions with the leaders of 'rogue' states, including Iran. Senator Obama defended his position by asserting that he seeks to conduct talks without pre-conditions, but after essential preparations. His proposal for talks implied active diplomatic exchanges, not necessarily limited to the Heads of States. According to Senator Obama any tangible victory for the US in the war on terror could emerge from operations in Afghanistan and he supported increasing troops in that country. He even suggested a more aggressive approach vis-a-vis Pakistan and attacked the Bush Administration's policy of supporting President Musharraf. In his counter-arguments, Senator McCain referred to the need to realize that Pakistan was a failed state and US declarations on military action in that country could further deteriorate the situation. Nevertheless, he favoured conducting military operations within Pakistan, but without publicizing the same.

Senator McCain continuously used the phrase "Senator Obama does not understand," a statement meant to highlight the inexperience of Obama and emphasize a lack of pragmatism in his proposals. Senator Obama, on the other hand, attempted to remind the American people of McCain's association with the failed policies of the Bush administration. Reflecting their party positions, McCain presented a more aggressive foreign policy posture, while Obama favored an engaging but restrained foreign policy options. Foreign policy was McCain's stronghold given his wider experience, but Senator Obama held his own throughout the debate and appeared well prepared with factual data. Even though the debate did not yield any clear winners, Senator Obama scored a strategic victory by measuring up to the McCain's much publicized foreign policy experience. The closing statements by the two candidates reflected their political orientations. According to Senator McCain he was well equipped to heal the wounds of war and lead the US in challenging times. Senator Obama pledged to serve the American middle class and change the existing economic philosophy and foreign policy of the US

The focus has shifted to the Vice-Presidential debate scheduled for October 2, 2008. Senator Obama's VP candidate Joe Biden has a huge advantage over Sarah Palin, the Republican VP candidate. Governor Palin's ill-informed comments on foreign policy have put her under the scanner and the up-coming debate is viewed as a platform to test her credentials. Mc Cain's candidacy has already received a setback due to the failure of the financial bail-out bill in the Congress. Any stumbling by Governor Palin during the debate can fatally impact McCain's third, and surely last, attempt to occupy the White House.