8:02pm*: And we’re off. Mr. Brokaw is introducing the candidates as I type. As a reminder, this debate will be in a town hall format.

8:03pm: First question to Sen. Obama: from Alan Schaffer — What is the fastest and most positive solution to bailout Americans.

8:05pm: Obama outlines his economic plan: 1) bailout passed last week, 2) middle class rescue package (tax cuts, job creation, healthcare)

8:06pm: John McCain makes a quick joke about finally meeting Obama at a town hall meeting. Quickly addresses the question with an answer about the environment.

8:07pm: Awkward joke of the night goes to McCain: making Tom Brokaw Treasury Secretary.

8:13pm: It’s really funny to watch the candidates, John McCain right now, wander around the stage as the other looks on silently. As McCain hit Obama hard on his stance on Fannie Mae and Freddie Mac, Obama sat behind him smiling, waiting for his turn to respond.

8:15pm: Returning to the theme from the last debate, as Obama answers questions, Senator McCain is looking elsewhere. He’s taking notes, he’s looking into the audience… everything but watching his opponent.

8:18pm: New question from Theresa FInch — how can we trust either party when they both are responsible for the current financial situation? Obama is first to reply: “I understand your cynicism.” Compares Clinton years to Bush years. Looks over at McCain, McCain stares at the ground. Discusses his plan for net spending cut.

8:21pm: McCain responds that voters should look at records over rhetoric. He’s cut earmarks, he’s opposed leaders of his party, he’s worked across the aisle.

8:23pm: Brokaw asks which issues would take priority in their first term (between energy, entitlements, healthcare). McCain’s priorities in first term: all three at once, focuses on energy independence.

8:25pm: Obama’s priorities (or at least, the order in which he talks about them): energy, healthcare, education. Then discusses earmark reform and line-by-line program reform, as well as McCain’s tax cuts for big oil.

8:28pm: Brokaw introduces a question from email: what will you ask Americans to sacrifice? McCain’s answer: we’re going to have to cut certain government programs. Addresses earmarks, again. Proposes spending freeze. It’ll be interesting to see how Obama responds to this proposal, which McCain brought up at the last debate.

8:30pm: Obama spends the bulk of his response discussing energy conservation, then moves to volunteerism (specifically for young people).

8:33pm: I’ve yet to see Obama with a pen in his hand all night, but McCain’s been scribbling on his pad all night. It keeps him from having to look up at Obama, but it will be interesting to see what viewers make of this contrast. Does it make McCain look thoughtful, or does it draw attention to his age?

8:35pm: Obama returns to the spending freeze. Calls it a hatchet that puts the burden on the Americans that need help the most. McCain calls listening Obama to nailing Jello to the wall and then goes on to compare Obama to Herbert Hoover. Says Obama supports raising taxes during an economic crisis.

8:37pm: Brokaw asks how the two candidates would address ballooning entitlement costs - will they promise to address it within their first 2 years in office? Obama promises to get it done in first term, but maybe not 2 years. Comes back to McCain’s criticism on his tax policy, charging that McCain’s plan unfairly benefits the country’s biggest corporation.

8:41pm: McCain jokes that he’ll actually answer the question. Was he watching his running mate at the vice-presidential debate? McCain brings up the same statistic that Palin mentioned last week about Obama voting for tax increases 94 times. Will Obama respond the same way Biden did?

8:43pm: Ingrid Jackson asks how will you address environmental issues? McCain says the best solution is nuclear power; it’s already safe, clean, and will create millions of jobs. Obama calls the environment not just a challenge but an opportunity. Energy can be like the computer for economic growth. Favors nuclear power as part of an energy portfolio. Points to McCain’s record of voting against renewable energy.

8:48pm: McCain refers to Obama as “this one.” His attitude is verging on contempt, and it will be interesting to see what undecided voters think of McCain’s demeanor.

8:50pm: New question — do you consider health care as a commodity? Obama annoyingly moves directly into stump-speech mode without directly answering the question asked. He does, however, provide a good summary of his plan for health care. Says even Chamber of Commerce opposes McCain’s plan.

8:53pm: McCain phrases the principle difference between himself and Obama as the role of government. “We need to give people choice, not mandate them.” Give them $5,000 tax credit to choose their own health care plan.

8:56pm: McCain says health care is a responsibility. Obama says it is a right, recollects memory of his mother dying of cancer at a young age. Says he isn’t proposing a mandate for small businesses, just for children, who are cheap and essential to insure. Fundamental difference is role of government in regulation.

8:58pm: In response to a question about how the US economy affects American ability to achieve peace in the world, McCain again returns to his patriotism and the greatness of this country. “We’re a nation of good.” Obama responds that Iraq has put strain on military and economy while Iraqi government runs up a $79 billion surplus. Doesn’t allow US to take action in Darfur. America is a great nation, but can’t support both economy and military at present levels.

9:04pm: Brokaw: What is the Obama/McCain doctrine? Obama: When genocide is happening and we stand idly by it diminishes us. Must work in concert with allies; can’t act alone. McCain: Obama wanted to bring troops back from Iraq in defeat, he’ll bring them home in victory.

9:09pm: Should US pursue al-Qaeda in Pakistan? Obama says we need to end war in Iraq so we can dedicate more troops to Afghanistan. Change policy in Pakistan and expand non-military aid. “If we have Osama bin Laden in our sights… then I think we have to act.” That’s our biggest national security priority. McCain says again that we shouldn’t announce our military strategies in advance. Relations with Pakistan are critical and “we need to get their support.” Speak softly but carry a big stick.

9:13pm: Obama says that singing about bombing Iran and declaring that you want to annihilate North Korea. McCain: “I know how to deal with these crises… I know how to get bin Laden.” Says the candidates have fundamental differences over the use of military power.

9:17pm: It’s really interesting how McCain seems to be tying himself to General Petraeus. By contrast, unless I’m remembering incorrectly, the only time he mentioned President Bush was talking about an instance where Obama voted with Bush and he opposed them both. Another difference, McCain hasn’t used the word “maverick” once.

9:22pm: For his part, Obama is using the phrase, “I agree with Senator McCain” a lot less in this debate than the last one.

9:23pm: Is Russia an evil empire? Obama: Doesn’t offer a yes or a no. McCain: (forgets to pick up his microphone) “Maybe.” Doesn’t want to ignite another Cold War by saying yes. Says we can deal with them through strength.

9:25pm: What would you do if Iran attacks Israel? McCain: We can’t let Iran get nuclear weapons. Says Obama wants to sit down with Iranians but he would join with allies and impose sanctions. Cannot allow another Holocaust to happen. Obama: We cannot allow Iran to get a nuclear weapon, will do whatever it takes to stop it (won’t take military options off the table). Israel is one of our strongest allies in the world. Do what we can now diplomatically so we never have to use military. We should talk to our friends and enemies to send them a strong message.

9:30pm: What don’t you know and how will you learn it? Obama makes a joke about his wife. A president never deals with the challenges they expect; always challenges you don’t expect. Says he wouldn’t be here if this country didn’t give him opportunities. Will we pass on American dream to next generation? Fundamental change is at stake in this election. McCain: I don’t know what we all don’t know: the future. “I have spent my entire life serving this country… I believe in this country… I’m asking the American people to give me another opportunity [to serve].”

9:34pm: Brokaw says good night.

*all times are Central.