McCain, Obama face-off in their first presidential debate NOW for 90-minutes at Ole Miss’ Gertrude C. Ford Center in Oxford.

Watch live here.

Both candidates speak optimistically about the prospect of a deal being reached and being able to support it — McCain says so explicitly.

Obama links McCain with Bush on the economy and hits him for his recent comment about the fundamental strength of the American economy.

Other topics: spending, Iraq, budget priorities, Afghanistan.

Some routine jibes, but nothing nuclear.

After the debate, TIME’S Mark Halperin will deliver his report cards here.

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