Tonight we need answers, not evasions, no pre-planned speeches

Either Democrat Barack Obama or Republican John McCain is going to inherit one helluva financial mess next January and tonight, during their second televised debate, the two must outline to American voters what they plan to do about it.

Each candidate began their respective campaigns making promises and outlining programs. But then the financial crisis changed the entire landscape and the candidates have yet to fully come to grips with that reality. They need to explain how they will change their priorities in the wake of what has happened to our economy in the last months.

Mr. Obama has grudgingly admitted that some of his pet programs in energy independence, education and health care may have to be delayed, but he has yet to offer specifics. McCain just keeps talking about cutting federal spending and examining all areas of government, topics that have absolutely no relevance to the issue at hand.

The crisis is not about spending, it's about taxes and both candidates need to come face-to-face with that reality. Mr. Obama keeps talking about raising taxes on the wealthy to pay for his programs, but in this economy, I'm not sure that would be the proper course to take right now. Maybe in a few years, but not now. Mr. Obama needs to (1) accept this fact and (2) explain to us how this will change his priorities.

The heart of McCain's economic plan is to extend the Bush tax cuts permanently and recommend billions of new tax cuts. This is a sure recipe for disaster and McCain must admit tonight that this plan would implode our economy because it would destroy our ability to borrow the money needed to pay for the bailout.

Above all, however, we need to hear from each candidate how they plan to advocate for homeowners. At least Obama favors amending the bankruptcy code so courts can modify mortgages. McCain mistakenly thinks the mortgage industry will fix itself, some how, some way.

And finally, we need to hear specifically what each candidate would do to make sure something like this never happens again. Obama at least says he favors additional regulations. That's not enough, we need to hear specifics. Of course, Obama's stance is better than McCain's. Until just a few days ago, the GOP nominee has followed the Bush line of deregulation, which is what got us in this mess.

So please, guys, give the American people specific answers tonight.