Obama stresses “Pay-as-you-go.”  Wants to eliminate “a whole host of programs.”

McCain’s looking glib.  Let’s see if he answers the question.

Well, McCain starts by referring to the Great Depression.  He’s interrupted by Bob Schieffer, “What will you cut?”

McCain talks about energy.

“We have presided over the largest increase in government since the Great Society!”

That’s right on.  McCain has presided over this increase.

Again, McCain refers to an “overhead projector” in Chicago.  Ugh.  Do any of these Republicans understand science?

McCain says he will balance the budget, but comes back to “energy independence.”  No specifics.

Obama refutes McCain, reminding McCain that even Fox News agrees with him on this one.