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Ballot Bowl 2008

Campaigns Happenings; More Debate Reaction

Aired September 27, 2008 - 15:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

SUZANNE MALVEAUX, CNN ANCHOR: Welcome back to CNN's BALLOT BOWL. I'm Suzanne Malveaux in Oxford, Mississippi the home of Ole Miss. This is also the site where the first presidential debate took place. Obviously, the topics including national security but also the state of economy. The financial crisis, the huge bailout plan we had just watched on Capitol Hill. House Republicans convening a press conference to talk about kind of the private negotiations that are now taking place.
I want to bring in my colleague Dana Bash, who's here with me. Obviously, this is a significant development here. This is a group that revolted against President Bush's initial bailout plan. They said no artificial timetable here in terms of getting a deal forward. That created a real problem for John McCain, who said I'm not even going to come to debate until there's a deal. He has to reverse himself. McCain here. What did you think what was significant in this announcement?

BASH: Well I think what we heard from the Republicans on Capitol Hill, was that they are at the table. They are negotiating. They say in good faith. And that is true with Democrats and the house and the Senate and even at the White House. But they wanted to make sure to their constituents back home; quite frankly, they are not giving up on their core principles.

They might be giving up on the $700 billion bailout but they are fighting for constituents back home. That's what we heard from the house Republican leadership working, yes, on a Saturday. In fact all of Congress is working. It's not just Congress working. They are hard at work at the White House trying to wrap up this deal by the end of the weekend. That's where we find Ed Henry, who is at the White House. Ed, you have some information about developments with regards to the White House's role with these negotiations on Capital Hill right now.

HENRY: That is right Dana. Just in the last few moments we have gotten word that Treasury Secretary Henry Paulson, headed up for behind-closed-door meetings. That's significant. White House officials here who are working Saturday, as you noted pretty rare work on a Saturday, are basically saying they were holding Secretary Paulson back. They didn't want to send him up to the hill on a Saturday and raise expectations of a possible deal. They kind of wanted to keep him in reserve.

So the fact that he's now heading up there on a Saturday afternoon to meet with Senators suggest at least that it is in sing-along. I don't want to suggest there's a deal. There's clearly not. But mean while the president is also getting regular updates from his chief of staff, Josh Bolton. That's significant as well. Because as you know the president has been trying to push those house Republicans we just saw in that press conference.

He's been pushing them all week frankly, everything from a primetime address to the nation, that historic meeting that we saw right here at the White House in the capital room Thursday with John McCain and Barack Obama. And none of these levers really seem to be working for the president just yet as he tries to ever-so-gently twist arms on Capitol Hill. You saw John Boehner and the rest of the Republican leadership. They are under great pressure from their rank and file members on the hill. Mostly conservative members who are hearing an earful from their constituents who do not like the idea of a $700 billion government bailout.

So what Secretary Paulson has been doing on the president's behalf in recent days is trying to convince these members, ever so gently, doesn't want to look like he's pressuring them but just moving them along and suggesting that if the government buys up this debt, debt that actually has some value over time the value may increase and then when the government ends up selling the debt, again, down the road, taxpayers could and I stress could get some or all of their money back. Obviously, there are a lot of skeptical people around the country and skeptical people on Capitol Hill as to whether the taxpayers really are going to get their money back, Dana.

BASH: You said that they were sort of holding Secretary Paulson back. Obviously, there had been frankly, it's fair to say anger at Secretary Paulson over the past week from Democrats and Republicans about the way this unfolded, the way this bailout bill was originally presented to them kind of a fate acomplee (ph). Is that in terms of politics, is that why he was being held back while the Democrats and Republicans kind of worked it out amongst themselves on Capitol Hill?

HENRY: You know Secretary Paulson is in a very difficult spot here, he is somebody who literally has slept only hours the last couple of weeks. We are hearing reports about him working through the night some days dealing with watching the Asian Markets in the middle of night here and watching our own markets closely. We have seen endless shuttle diplomacy on Capitol Hill and coming back here to brief the president. So he's under enormous pressure, enormous strength.

He has been seen in recent months as a real honest broker in this administration, someone the Democrats and Republicans can trust. But you're right in recent days, some of that trust Democrats in particular have felt like it's been violated because Democrats feel they have been hung out to drive, particularly with the meeting here at the White House on Thursday. To deliver a deal here and Democrats have been saying, look, why can't this White House bring along more Republicans that this is a bipartisan effort.

So you are right Secretary Paulson is very much in the middle of it. One last thing I can tell you is that a senior Democratic aide told us just a short while ago; they are seeing signs, Secretary Paulson coming up and other developments that again are inching towards the deal. But they still think the latest estimate is the deal is more likely Sunday than today, Dana.

BASH: Well we are obviously keeping an eye on all of this, it is changing minute by minute, hour by hour, and even through out and especially through out this weekend. Ed thank you very much for that latest development.

Suzanne, I can tell you we are talking about John McCain, about how went back to Washington. We were told earlier today that he was going to go to Capitol Hill to try to monitor the situation from there. Interesting and perhaps telling. They decided it was better for him to stay back in campaign headquarters in suburban Washington rather than go to Capital Hill. It's not a secret. We heard it loudly from Democrats and some Republicans that they thought perhaps John McCain being there was more of a hindrance than a help. McCain campaign pushes back hard on that. He decided not to go to Capitol Hill today, which I think is pretty significant and telling.

MALVEAUX: And certainly gives the Democrats some ammunition here. Barack Obama campaign some ammunition. What was the purpose, what was the need for him to physically go to Washington in the first place, to be a part of negotiations if he can pick up a phone and simply do it from his own office?

BASH: They say the eye-palling, the term they used eye-balling the house Republicans and saying, stop complaining. Get to the table. Get with it. They insist that did help.

MALVEAUX: It will be so interesting to see what the voters think of all of this. If he looks like a leader, a maverick or more politicking.

Obviously one of the other more important issues that was tackled in the debate as well as the energy crises, energy policy, our dependence on foreign oil and what these two candidates will do about that. It's related to foreign policy. And to trade and both of those candidates took on that issue as well during the debate. Let's take a quick listen.

(BEGIN VIDEO CLIP)

SENATOR JOHN MCCAIN, (R) PRESIDENTIAL CANDIDATE: We had an energy bill. It was festooned with Christmas tree ornaments. There were all kinds of breaks for the oil companies. I mean billions of dollars worth. I voted against it. Senator Obama voted for it. You have to look at our records. Who fought against wasteful and earmark spending? Who has been the person who tried to keep spending under control? Who is the person who is believed that the best thing for America is to have a tax system that is fundamentally fair? And I fought to simplify it and I have proposals to simplify it.

SENATOR BARACK OBAMA, (D) PRESIDENTIAL CANDIDATE: If we want to talk about oil company profits, under your tax plan, John, this is undeniable; oil companies would get an additional $4 billion in tax breaks. Now, look, we all would love to lower taxes on everybody. But here's the problem. If we're giving them to oil companies, then that means that there are those who are not getting them.

JIM LEHRER: You know -- you already gave them to the oil companies. OBAMA: John, the fact of the matter is that I was opposed to those tax breaks. Tried to strip them out. We have an energy bill on the Senate floor right now that contains some good stuff. Some stuff you want including drilling offshore, but you're opposed to it because it would strip away the tax breaks going to oil companies.

JIM LEHRER: Can I finish the question?

(END VIDEO CLIP)

MALVEAUX: You're listening to Barack Obama, the candidate, as well as John McCain talking about energy policy and tax breaks for oil companies, whether or not that is actually a good idea. If you missed the presidential debate last night, you will have an opportunity to actually see it again on CNN at 10:00 Eastern with our own John King in the CNN's best political team on television a special. This is a reairing, a replaying of the presidential debate. Obviously, a lot of interesting topics that were covered. National security, the economy, energy, all of it, fireworks as well. All of this again at 10:00 Eastern on CNN.

BASH: And we are already looking ahead to the next debate. This is going to be one to watch for sure. That it would be the vice presidential debate. That is going to be next week. To preview that, we are going to hear from the vice presidential candidates as they are on the campaign trail. That would be Sarah Palin and Joe Biden. Stay tuned. You want to watch this after the break.

(COMMERCIAL BREAK)

MALVEAUX: Welcome back to CNN's BALLOT BOWL. I'm Suzanne Malvezux in Oxford, Mississippi, the home of olemiss. This is also the home of the first presidential debate. Both the candidates taking on each other over issues, national security, foreign policy, as well as the economy.

Also Barack Obama back on the campaign trail today, trying to capitalize off of some of that fire, if you will, the exchange. Some of the distinctions between these two candidates, Barack Obama in Greensboro, North Carolina earlier today. That's where he talked about what he believes is the difference between John McCain's rhetoric and his record when it comes to the economy. Take a listen.

(BEGIN VIDEO CLIP)

SENATOR BARACK OBAMA, (D) PRESIDENTIAL CANDIDATE: The John McCain you've heard over the last few days, the John McCain you've heard in the debate last night, that's not the John McCain who's been in Washington for the last 26 years. He talks about getting tough on Wall Street now but take a look at the record. He said look at the record. Take a look at that record. He's been against the common sense regulation that would have stopped this mess in decades. He said he will take on corporate lobbyists but put seven of the big lobbyists in Washington, D.C. If you think those lobbyists are working day and night to elect my opponent to put themselves out of business, well, I have a break to sell you in Alaska. (END VIDEO CLIP)

MALVEAUX: Barack Obama in North Carolina earlier today, obviously, back on the campaign trail via Virginia then on to Washington and then Colorado, Barack Obama obviously trying to take advantage of some of the momentum that is coming out of the debate. At least that is what that they feel is coming out of debate.

I want to bring in my colleague, Bill Schneider. Obviously, there are a lot of things that they are looking at but they are focusing specifically on those key battle ground states that will make a difference in the 30-plus days or so. Florida, the drama just never ends. We know Florida is one of those places we are watching. What do you see? What do the polls indicate?

SCHNEIDER: Remember how much fun Florida was in 2000? The hanging chads and the dimpled chads? Buckle your seatbelts, it could happen again. Our latest poll of Florida shows a dead heat, McCain 46, Obama 46. That was actually an improvement for Democrats. Because Bush carried Florida in 2004 by five points. That's a gain for Democrats in Florida. It's now, once again, a dead heat back to 2000.

Another state, which is hotly contested, is the state of Michigan. Our latest poll of polls in Michigan, a state that has been devastated by job losses, shows Obama eight points ahead. Obama 49, McCain 41. This is a state that John Kerry carried in 2004 by three points. Obama is now eight points ahead so we have put Michigan in the leaning Obama category. And that was a change we made.

MALVEAUX: That was a change. How does this affect the overall electoral map, when you take a look at the country as a whole?

SCHNEIDER: It's gotten a lot closer. The overall electoral map now shows Barack Obama leading with 240 electoral votes to 200 even for John McCain. Obama, 40 points ahead of McCain in electoral votes. That leaves 98 electoral votes that are still in the toss-up category. You need 270 to win. Obama's got 240. So he's getting close but not quite there yet.

MALVEAUX: We still don't know. It was interesting the last time you and I talked about this; you said that some game changers could be the debates. We saw the first presidential debate. It will be interesting to see how all of this, when you take the second and third debates, where they end up at the end.

SCHNEIDER: That's right. We will be looking for polls in the battleground states. National polls will be looking very closely at what's happening in the states to see if the debate last night or any of the upcoming debates really do make a big change, if it's momentum building.

MALVEAUX: OK, Bill Schneider, thank you so much.

And we will also take a listen to the running mates of both of the candidates, Joe Biden and Sarah Palin after this quick break when BALLOT BOWL continues. Stay with us. (COMMERCIAL BREAK)

BASH: Welcome back to BALLOT BOWL '08. I'm Dana Bash in Oxford, Mississippi, ole miss at the University of Mississippi. This is the site of last night's very first presidential debate. And as we look back, we are also already looking forward and looking forward to the next debate and that is not what the presidential candidate but rather their running mates, Sarah Palin and Joe Biden.

Now, Joe Biden is on the campaign trail today. Sarah Palin is not. She is in Philadelphia, and she's preparing for that debate. In fact, she's been working with aides, doing debate preparation for the past several days and will continue to pretty much up until Thursday's debate. But we do have -- we want to bring you some of what Sarah Palin has been talking about on the campaign trail. She was actually with John McCain as she's been a lot, a lot since she's been picked. Quite unusual, actually unprecedented for two running mates to be together so much in the campaign trail.

But this past Monday she was in the suburban Philadelphia area. A critical area for John McCain if he wants to win that battleground state of Pennsylvania, where you have moderate Republicans and perhaps even some women who might not be sure which way they are going to go and they are hoping that perhaps Sarah Palin can pull them over to the Republican side. This is what her message was in Media, Pennsylvania, about reform.

(BEGIN VIDEO CLIP)

SENATOR SARAH PALIN, (R) VICE PRESIDENTIAL CANDIDATE: OK, Pennsylvania. Over the next 43 days, John McCain and I, we're going to take our message and our mission of reform to voters of every background in every party or no party at all, and with your vote, we're going to Washington to shake things up! Pennsylvania, this is a time when principals and political independents need a heck of a lot more than just a party line. And Americans are tired of the old politics as usual and those who only run with the Washington herd. And that's why we need to take the maverick of the senate and put him in the White House!

John McCain and I believe that now is the time to put government back on the side of the people. And, you know, as mayor and then as governor, I always knew I was accountable to the people who hired me. And that was the people of Alaska. And in a McCain/Palin administration, we will never forget that we'll be there to work for you, the people of America. John and I, we have a plan, and if we are so privileged to get to serve you, I'm going to have some new responsibilities as vice president.

Government reform, energy independence -- [applause] -- and helping family and children, those with special needs. That's going to be on the top of our list. First, I will help lead our reform effort. John and I are the only candidates in this case with a track record of truly being able to make change happen. Not just talking about it but making change happen. I want to ask you a few questions, media. Let me ask you a few questions. Our opponent, he likes to point the finger of blame but tell me, has he ever lifted a finger to help? Has he ever reached out a reformer's hand to the other side of the aisle? [crowd chants no]

In order to get others to say yes to change, has he ever told his own party no? [crowd chants no] When it comes to reform, he likes to say, I will. But has he ever been able to say, we did? [crowd chants no]

John McCain and I, we want reform. We want transparency in Washington. As the governor of Alaska, I did things like put the state's checkbook online so that everybody could see where the money was being spent. We want to do the same thing in D.C. John wants to do the same thing with the Treasury bill. We believe that the American people have the right to know which firm the treasury is helping and what that selection is based on, and how much that helps will cost you.

It's your money, and you do have a right to know where it's going. It's truly in this race, there is only one man of action, one proven reformer who will clean up Wall Street and Washington, and that man is John McCain. OK. The second thing that I will be leading in a McCain/Palin administration is our emission of energy independence. Here in Pennsylvania, I know that high gas prices, they're making a full tank feel like a luxury and the cost of living is going up, and the cost of groceries is going up.

Everything is going up. But the value of your paycheck is going down all because of energy costs. Now, our opponent says that he wants to help Americans who are struggling with high energy costs. He says he wants to. But time and time and time again he has sided with special interests and against solutions that would help Americans heat their homes, fill up their energy tanks and pay their energy bills. Now maybe if he had been the governor of an energy-rich state, maybe he'd get it. Or maybe -- or maybe -- maybe if he had been on the front line helping to secure our nation's energy independence, maybe then he would understand.

As governor of Alaska and former chair of the Interstate Oil and Gas Conservation Commission, I have overseen a very large portion of the U.S. domestic supply of oil. And drew a heck of a lot of competition and a lot of hard work. Recently, I got agreements to build a nearly $40 billion natural gas pipeline to bring Alaska's more slow gas reserve down into very, very hungry markets here. It is going to help you.

We know what it's going to take, John and I, do. We know it's going to take American energy resources brought to you by American ingenuity and produced by American workers.

(APPLAUSE)

And that's why we're going to expand our use of alternative fuels also and we're going to drill now to make this nation energy independent.

(END VIDEO CLIP) MALVEAUX: Democratic running made Joe Biden, taking on John McCain and Sarah Palin over the issue of healthcare, specifically, saying in Greensburg, Pennsylvania, on Thursday, that he believes that John McCain is actually going to increase taxes for middleclass voters by actually taxing them on their healthcare system. Take a listen to Joe Biden's argument.

(BEGIN VIDEO CLIP)

BIDEN: Ladies and gentlemen, you heard at the Republican convention, you heard Sarah Palin and you heard John McCain repeat what's simply not true. They said we're going to raise taxes on the middleclass. That is simply not true. Every major news organization has confirmed that's not true. But, let me tell you something you don't though about John McCain and Sarah Palin. They are proposing the largest increase on middle class taxpayers in American history. And here's how they're going to do it.

They believe that, that old conservative notion, economic notion, which has been around a long time, they think that anyone who collects, who gets a healthcare benefit through their employer, that there's no difference between the value of that healthcare policy you get and the amount of money you're being paid.

They believe -- and the average policy -- how many of you have a health insurance policy through your company or your employer? Well, those folks who have that, they're going to insist -- and the average value of that policy nationwide is $12,000 a year. They want to count that as income. So, instead of you paying -- if you're making $40,000 a year, and you'll pay taxes on $52,000 a year. If you're making $50,000 a year, you will pay taxes on $62,000 a year.

Ladies and gentlemen, it's the largest tax increase in the history of America for the middleclass. It will cost the middleclass, over the next four years, over $1 trillion in additional taxes. So ladies and gentlemen, it's almost unbelieve am. You almost don't believe me telling you this, because it sounds so wrong. But, ladies and gentlemen, they believe it so strongly. And I say with the national press here again, obviously, read your paper, look at the news tonight and tomorrow. John McCain, if I've misstated your position, if you're not going to tax healthcare benefits, please tell me. Please tell me.

(APPLAUSE)

(END VIDEO CLIP)

MALVEAUX: Joe Biden talking about the healthcare system and the tax system. And, Dana, it's interesting because both of these candidates obviously deep into preparation over the next couple of days. Thursday is going to be very important. Joe Biden really has a delicate balancing act here because on the one hand here, he has a lot of experience, a lot of years in Washington but he's obviously associated himself with this kind of change candidate, Barack Obama. He doesn't want to seem like he's overbearing when it comes to taking on Sarah Palin. There are a lot of people who have already suggested and accused the campaign of sexism, here. So, he's really trying on the one hand to prove that he's superior to Sarah Palin, on the other hand trying to be very sensitive about this.

BASH: And I think Jessica Yellin reported and I think you've been reporting as well, that he, Joe Biden, has been conferring with some of his female colleagues in the Senate about how to deal with this.

The other thing we've heard from Joe Biden is wait a minute, I debate women in the Senate all the time. What's the big deal? It's no different. Trying to kind of downplay the idea that gender should be an issue, here. But you know what? I think, obviously, all eyes are going to be on this debate. But, if Sarah Palin, I think, and the McCain campaign had their druthers and probably the same for the Obama campaign, too, but Sarah Palin is going to focus on isn't Joe Biden, it's going to be Barack Obama. And my guess is that you're going to hear from Joe Biden some thing similar to what you just heard there, not focusing on Sarah Palin.

MALVEAUX: Oh yeah, he's going to go after John McCain. He doesn't want to go after Sarah Palin. Although it will be interesting to see because she's got some great one-liners at times. It might be rather tempting for him to him to do the same. And also, he has maxed record when it comes to female issues. I'm very curious as whether or not they bring that out. Obviously, he's pushed forward with legislation to protect women against violence, but then that whole Clarence Thomas/Anita Hill hearing that kind of got him into trouble, as well. It will be fascinating to see whether or not any of that will play in terms of how women see him in that debate.

BASH: Well, both obviously intensely preparing. And we know that as we speak possibly Sarah Palin is in a hotel in Philadelphia working with her aides doing debate prep and I assume Joe Biden is maybe doing it along the way on the plane and everywhere else in between and it probably will be more intense as we get closer to Thursday.

MALVEAUX: And Thursday is the day we want to you tune into CNN. That is the day these two, Joe Biden and Sarah Palin, are going to face off for the fist time, the vice presidential debate. Only debate between these two candidates and, obviously, it is going to be very interesting to watch. So, 10:00, well, actually throughout the whole evening on Thursday, watch CNN for that vice presidential debate.

BASH: And coming up next -- we heard about the vice presidential candidates, but let's get back to the top of the ticket. In particular the Republican side and talk about John McCain and what he has been saying on the campaign trail about Barack Obama and his economic policies. And warning the voters that he believes that Barack Obama's plan and prescription for the economy is dangerous. Stay tuned for that.

(COMMERCIAL BREAK)

BASH: Welcome back to BALLOT BOWL '08. I'm Dana Bash in Oxford, Mississippi, the site of last night's very first presidential debate. And at BALLOT BOWL, we like to bring you the candidates on the campaign trail, but really the reality is today, all eyes from the campaign trail are focused squarely on Capitol Hill. That is where on this Saturday, there are intense negotiations going on over that $700 billion bailout for Congress and the White House to try to jump-start and really stop the economic spiral that's going on right now in this country.

And so we are actually waiting to hear brand-new words from the House speaker, Nancy Pelosi. She spoke to reporters a short while ago and as soon as we have that, we will bring that to you. But while we wait for that, we want to go to the campaign trail and specifically what we heard from John McCain this past week. As the week progressed, he tempered his rhetoric dramatically. In fact, he suspended his campaign to go back to Washington. But, last week didn't start out that way, he was very intense with regard to his hit on Barack Obama and Obama's perspective for the economy. Listen to what he said on Monday.

(BEGIN VIDEO CLIP)

MCCAIN: My friends, times are tough for our economy, and I expect more tough economic news before the election. I've got to give you that straight talk. My commitment to the American people is to fix the Wall Street mess, reform Washington and most importantly, enact a pro-growth agenda, create jobs for Americans and get this country back on track.

While Senator Obama doesn't seem to know what to do in the current crisis, we know what his plans are for the economy. Last week, Senator Obama's running mate said, get this, that raising taxes is patriotic.

(BOOING)

Raising taxes in a tough economy isn't patriotic, it's not a badge of honor, it's just plain dumb.

(APPLAUSE)

The billions in tax increases that Senator Obama is proposing would kill even more jobs during tough economic times. I'm not going to let that happen. I'm not going to raise your taxes, I don't care who you are.

Now for a couple of minutes, let me give you some straight talk about this election. In 43 days, your vote will determine the next president of this great country we all love. A lot of you have these economic challenges on your mind, so let's start there. A vote for me will guarantee immediate pro-groenl action, tax cuts for America's hard-working families, strong support for small businesses, which is the back bone of our economy and an end of the pork barrel spending in Washington.

My friend, the pork barrel spending and out-of-control spending has led to corruption. And I don't say that lightly. And I want to tell you right now, the next time, when I'm president of the United States, a pork barrel bill comes across my desk, I will veto it, I will make them famous, you will know their names.

(APPLAUSE)

You will know their names.

Senator Obama in the meantime has asked for $932 million in pork barrel spending, nearly $1 million for every day he's been in the United States Senate.

My friends, that's not change. A vote for Barack Obama will guarantee a higher tax, fewer jobs and even bigger federal government. These policies will deepen our recession. A vote for me will guarantee that the forces that have brought down our economy will be out of business. I'll end the corrupt practices on Wall Street and the back-room deals in Washington, D.C.

I'll hold accountable those responsible for the oversight and the protection of consumers, taxpayers and homeowners. Vote for Senator Obama will leave this country at risk during one of the most severe challenges to America's economy since the Great Depression. You see, when it comes to growing the economy and protecting you from the corruption of Wall Street and Washington, Senator Obama just doesn't get it.

Americans have had enough, they've had enough of business as usual. Americans have had enough of the cozy relationships between politicians and power brokers. The days of me first, country second will end on November 4 with a vote for me and Sarah Palin.

(END VIDEO CLIP)

MALVEAUX: And while John McCain, we're told, is working out of his office on Capitol Hill to be involved in some of these negotiations involving the bailout plan, we have just heard from House Speaker Nancy Pelosi on the Hill, who gave a statement to reporters about the state of negotiations, where she believes it's stands. Let's take a listen.

(BEGIN VIDEO CLIP)

NANCY PELOSI (D), HOUSE SPEAKER: Good afternoon. As I proceed over to the House chamber, there's a meeting going on in my office between Senate and House Democrats and Republicans, meeting with the administration to take us further down the road to legislation to stabilize the markets and to protect the taxpayer.

As I'm sure you all know, I have said it over and over, protecting the taxpayer is our first responsibility. And we do so with an improvement made on the administration's proposal by having great oversight over what is happening here, B, having an equity stake for the taxpayer to get some of the upside of whatever these investments might create by having a reform of compensation pay, which is very important to the American people and to the taxpayer, and by having a forbearance on foreclosures so that we're protecting homeowners, as well. Protection of the taxpayer is, again, our first responsibility, stabilizing the markets is urgent. I'm very -- I feel quite sure that the meeting that is taking place now in my office will take us closer to legislation. It would be my hope that this could be resolved today, that we'd have a day for the American people and members of Congress to review the legislation on the Internet, and that we could bring something to the -- to the floor, possibly Sunday night or Monday morning. That is my hope. I hope that the progress being made here today would take us to that point.

One thing is for sure, we are not leaving until this legislation is passed. We're to the leaving until legislation is passed that, again, brings stability to the markets but, first and foremost, protects the taxpayer in the meantime.

UNIDENTIFIED MALE: Thank you.

PELOSI: Thank you.

We know that this is necessary from the standpoint...

(END VIDEO CLIP)

MALVEAUX: Perhaps a little bit of good news from the Hill, perhaps we are seeing some of a breakthrough in the negotiations, at least a timetable. They're saying, now perhaps late Sunday, early Monday. I know John McCain is at his headquarters, not his Senate office working at this.

What do you think his role is in this?

BASH: Well, he's -- they say he's working the phones, he's talking to leaders. Unclear if he's talking to leaders on the Democratic side. We know, we assume that he's talking to leaders at the Republican side and at the White House. But with regard to what she just, you know, it's very interesting, what a different in tone from what we know happened behind doors just a few days ago in the White House. You see there and hear Nancy Pelosi making clear that they are making progress, that they feel like they can even get a deal and get something on the floor by Monday morning. That, obviously, has been the goal. That's why they're working around the clock, basically, because they want to get that deal before the markets open, as she said to secure the markets and make sure that basically this economic crisis that this country is in doesn't spiral even more.

MALVEAUX: OK, Dana, thank you so much.

Stay with us. We're going to take a very quick break. The BALLOT BOWL will continue in just a few moments. We will hear from John McCain, Barack Obama in their own words. Stay with us.

(COMMERCIAL BREAK)

BASH: Welcome back to BALLOT BOWL '08, I'm Dana Bash in Oxford, Mississippi, at the University of Mississippi, Ol' Miss, this, of course, was the site of the very first presidential debate last night. And before we leave you on this BALLOT BOWL, we want to take you back to a very interesting and intense exchange between the two candidates last night on one of the core issues that was supposed to be the crux of this debate, which is foreign policy and specifically the issue of Afghanistan, what had been for a while called the forgotten war, but forgotten no more. And the two candidates wrangled basically over that.

(BEGIN VIDEO CLIP)

OBAMA: The point that I originally made is that we took our eye off Afghanistan; we took our eye off the folks who perpetrated 9/11, they are still sending out videotapes, and Senator McCain, nobody's talking about defeat in Iraq, but, you know, I have to say that we are having enormous problems in Afghanistan because of that decision. And it is not true that you have consistently been concerned about what happened in Afghanistan.

MCCAIN: You might think that with that kind of concern that Senator Obama would have gone to Afghanistan, particularly given his responsibilities as the subcommittee chairman. By the way, when I'm subcommittee chairman, we take up the issues under my subcommittee. But, the important thing is, the important thing is, I've visited Afghanistan and I've traveled to Waziristan and I've traveled to these places and I know what our security requirements are, and I know what our needs are. And so the point is that we will prevail in Afghanistan, but we need the new strategy and we need it to succeed.

(END VIDEO CLIP)

BASH: Both John McCain and Barack Obama in their own words, in their first debate last night. We're going to have much more BALLOT BOWL, right after the break. Stay with us.

(COMMERCIAL BREAK)

BASH: Welcome back to the campus of the University of Mississippi in Oxford, Mississippi, Ol' Miss, a very beautiful campus, as you can see, there. And this was, of course, the site of the very first presidential debate last night. And we want to tell you that if you missed any, any of last night's debate, CNN is the place to tune in tonight, because you can watch it all again with John King and the best political team on TV, THE NEXT PRESIDENT: ROUND ONE, that is tonight at 10:00 eastern only on CNN. It is your home for politics and you want to tune in.

MALVEAUX: And thanks for joining us today for CNN BALLOT BOWL. Another edition of CNN BALLOT BOWL tomorrow at 4:00, you'll be able to hear from all of the candidates and, of course, after this very quick break, we're going to be going to CNN NEWSROOM with Fredricka Whitfield. Thank you so much for join us here on CNN BALLOT BOWL.