In a more subdued than expected second "town hall" style debate, both candidates traded blows and tried to pin blame on each other from everything from the economy, to foreign policy and health care, without landing any telling punches.

Senator McCain surprised by announcing a $300 billion buyout of struggling mortgages saying he will "...renegotiate at the new value of those homes, at the diminished value of those homes" while Sen. Obama reiterated his tax plan to give 95 percent of working Americans a tax cut.

With the economy justifiably dominating the questions asked by the audience and through moderator Tom Brokaw, both sides would appear to be reasonably happy with the stalemate. The Republican campaign team because McCain improved on his last performance in this his favourite debate setting and the Obama team because a draw would suit their candidate who  has taken the lead in opinion polls in the wake of the financial crisis.

However there was no mention of "guilt by association" of either candidate with shady characters as had been suggested in campaign material earlier in the week, nor were there any major personality clashes despite the fact there is obviously no love lost between the two men.

Long-time political consultant and now CNN political pundit David Gergen marked the debate marginally in favour of Obama.

John McCain was more effective on domestic issues than he was on the second debate but flatter on national security. Periodically, he made an excellent argument and he was more composed than earlier...

Barack Obama showed once again that he is more articulate and a better debater, able to weave together arguments and themes with great skill. Once again he was also steady. But he was hardly on fire and he didn't give us much more insight -- or new ideas -- about the economic crisis now gripping the country.

So, my scores tonight are lower than last week:
McCain B
Obama B plus

Gergen said Obama looked the part of a president despite his inexperience, saying he believed the candidate had "strengthened his position" with voters.

Politically, this debate strikes me as good news for Obama and bad news for McCain. With two straight victories under his belt, Obama has established in the minds of many voters that he is as qualified to be President as McCain -and given the economy, that means he should have strengthened his position. [source]

Despite the sometimes low-key nature of the debate, Democratic advisers were quick to spin out one controversial reference by McCain to Obama as "that one". Though fairly innocuous as insults go, the Obama camp took little time in painting McCain as arrogant for the reference (see below to judge for yourselves). The Washington Wire of the Wall Street Journal has the details.



Marc Ambinger of the Atlantic said the expression was an innocent turn of phrase that came across a little awkwardly in the debate format. CNN focused on the speed on the pickup from the Democratic camp to inform reporters.

The third and last debate before November's election will be on Wednesday October 15 at Hofstra University's Hofstra Arena in New York. The debate will be moderated by CBS News Chief Washington correspondent Bob Schieffer.

Image top: Belmont University Presidential Debate logo.