On Friday, for the first of three presidential debates, with less than six weeks remaining until Election Day, Republican John McCain and Democrat Barack Obama stood behind identical wooden lecterns on the stage of a performing arts center at the University of Mississippi. McCain accused Obama of being an extreme liberal on spending, while Obama accused his rival of being President Bush’s protégé.

The 72-year-old McCain is hoping to become the oldest first-term chief executive in history, whereas Obama, 47, is seeking to become the nation’s first black president.

The stakes were high as the two rivals walked on stage. The polls gave Obama a modest lead, indicating that he was viewed more favorably than his rival when it came to dealing with the economy. But the same surveys show McCain being largely favored on foreign policy.

McCain’s accusation against Obama was that of compiling “the most liberal voting record in the United States Senate,” to which Obama retorted that that the current economic crisis is “a final verdict on eight years of failed economic policies promoted by President Bush and supported by Senator McCain.” In fact, both candidates accused each other of being fiscally reckless, trying to convince voters of their respective ability to handle the current economic crisis confounding lawmakers on Capitol Hill.

Though the first debate was intended to focus on foreign policy, moderator Jim Lehrer kept the two presidential candidates on the economy for the first 40 minutes. His opening question was regarding the economic crisis gripping Wall Street. While neither of the two candidates committed to supporting bailout legislation taking shape in Congress, they however agreed lawmakers must take action to prevent millions of Americans from losing their jobs and their homes.

Both the candidates are veteran debaters after winning their respective presidential nominations. As the debate finally moved into foreign policy terrain, the men in question traded sharp barbs over the Iraq war and how to handle nations like Pakistan. McCain charged that Obama had been wrong not to support the introduction of 30,000 additional troops last year, whereas Obama focused on the original decision to go to war, and questioned McCain’s judgment in supporting it.

he two men had rehearsed extensively, and are scheduled to debate twice more - at Belmont University in Nashville on October 7, and at Hofstra University in Hempsted, N.Y., on October 15.