The third and final debate between Republican presidential candidate Senator John McCain and Democrat Senator Barack Obama took place at Hofstra University on Wednesday night. The showdown was moderated by Bob Schieffer of CBS News. The subject of the debate was domestic policy.

The one-and-a-half-hour long face off, which saw both the candidates get tough as well as personal, was divided into nine-minute segments. Both candidates were seated only a few feet away at a round table for discussions.

McCain used the opening moments of the debate to accuse Obama of waging class warfare by advocating tax increases designed to “spread the wealth around.”

The Democrat refuted the allegation and countered that he favors tax reductions for 95 percent of all Americans. Obama said: “Nobody likes taxes. But ultimately we’ve got to pay for the core investments necessary for the economy.”

McCain retorted with a laugh: “If nobody likes taxes, let’s not raise anybody’s, OK?”

McCain also demanded to know the full extent of Obama’s relationship with William Ayers, a 1960s-era terrorist, the Democrat's ties with ACORN - a liberal group accused of violating federal law as it seeks to register voters. He insisted Obama disavow recent remarks by Rep. John Lewis, a Democrat, who accused the Republican ticket of playing racial politics along the same lines as segregationists of the past.

In his attempt to escape the political drag of an unpopular Republican incumbent, McCain also said, “Senator Obama, I am not President Bush. ... You wanted to run against President Bush, you should have run four years ago.”

Brushing aside McCain’s claim to full political independence, Obama retorted: “If I’ve occasionally mistaken your policies for George Bush's policies, it’s because on the core economic issues that matter to the American people - on tax policy, on energy policy, on spending priorities - you have been a vigorous supporter of President Bush.”

So on and so forth went the two presidential rivals, as they slung accusations at close quarters in the final debate of their campaign for the White House!