**UPDATED at 2:33 p.m.**1:22 p.m. The debate started about 15 minutes ago. It's being broadcasted live on Iowa Public Television and you can watch it streaming live here.
Barack has answered questions on the economy and on balanced budgets so far. Here's part of his response to the balanced budget question:
We have specified where that money is going to come from. Right now, we've got a whole host of corporate loopholes. If we close some of those loopholes, we can have tax relief plans for those making less than 75,000 per year. That puts money into the pockets of hardworking americans. It requires some leadership from the white house. that restores that sense that we're in this together, that we're not in this alone.
Discussion on health care currently ongoing...1:34 p.m. Barack on addressing the root causes of waste in the Medicare system and generally, the health care crisis that leaves 47 million Americans uninsured:
Just to emphasize how important prevention and cost savings can be in the Medicare system, if we went back to the obesity rates that existed in 1980, that would save the Medicare system a trillion dollars. Many of the reforms in my healthcare plan will reduce costs not just for Medicare for the overall system. We will not make these changes unless we change business in Washington. The reason we can't negotiate for drugs is because the drug companies specifically sought and obtained a provision in a bill that prevents us from doing it. Unless we change our politics, we will continue to see the waste that was in that entitlement program.
He also addressed the need for the country to come together to solve our problems and not be afraid to embrace the idea that actual change is possible:
40 years ago, Dr. King challenged America to act on what they called the fierce urgency of now. I feel that urgency today. Our nation's [at] war, our planet's in peril, and Americans and Iowans are working harder and harder just to keep pace. I believe we can meet these challenges and restore our standing in the world. But we can only do this if we have the courage to change. If we can bring the country together, if we can push back against the special interets and if we level with the american people about how we will do this. That's the kind of campaign i've tried to run, and i ask you all to caucus for me.
2:11 p.m. Just before the debate Barack's supporters were out in full force representing for the campaign, cheering him on. Here's some pictures:During the debate, Barack has answered questions on global warming, farm subsidies, and education. Here's a quote from him on farm subsidies:
I have made as a centerpiece for my rural farm agenda that we cap the subsidies because too many of them are going to agrobusiness. We've got folks in Manhattan that are making money off of these subsidies. Family farms are getting squeezed out. I would cap those subsides. We need protection for farmers from drought. We need to invest in conservation, crops, nutrition programs. Through that process we can not only save the land, we can also improve the economic engines in a lot of these rural communities. It's going to require overcoming the excess involvement of agrobusiness in Washington.
And on education:
Early childhood education will close the achievement gap that we see from children, especially minority children. [And] not just talking about how great teachers are but giving them more money and more support. Changing No Child Left Behind so that we're not just teaching to a test. One of the things that I want to do is get parents reengaged in instilling a sense of excellence in their children. Government has to fulfill its obligations to children. Parents have to do their job too. We've got to turn off the tv, put away video games. It's not something we can be passive about, it is something we have to be actively engaged in. Then I have no doubt we can compete with anyone in the world.
Are you watching? Tell us what you think in the comments.
2:33 p.m. The debate just wrapped up. All the candidates were asked for their New Year's Resolution. Here's Barack's response:
I want to be a better father, a better husband. I want to remind myself constantly that this is not about me, what I'm doing here today. It's an enormous strain on the family. Yesterday i went and bought a Christmas tree with my girls. We had 2 hours before I had to fly back to Washington to vote. The only reason that is worth that sacrifice is that somehow my participation in public life is having an impact on their lives and the lives of children all across the country. I have to constantly remind myself not to be timid.
Stay tuned--video of our wonderful volunteers cheering at the debate coming soon. And check out some video of Barack's answers on health care and energy.
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