From NBC's Carrie Dann
With much being made by both campaigns today out of the words both candidates did not say, here's a recap of some of the noteworthy counts from last night.  

Obama used the phrase "middle class" three times, and "working families" once. McCain said neither, giving Team Obama a new stump line and fodder for a new ad set to air Monday.  

Obama invoked "Bush" ten times, with most of the mentions linking McCain to the administration, at one point simply calling Bush "your president" directly to his rival. McCain said the name of the man he would succeed zero times.

Both candidates mentioned their running mates, although McCain did not refer to Palin by name, but as "a partner that's a good maverick." 

With much talk about military strategy, "troops" were the subject of eighteen mentions for Obama and eleven for McCain. The Arizona senator mentioned General David Petraeus twelve times; Obama mentioned him once.

The McCain camp highlighted today that Obama "failed to utter the word 'victory' a single time" in last night's debate. That's correct; McCain himself mentioned it twice. (It's worth noting that the cautious Petraeus has said that he's not eager to use the word himself in describing his hopes for peace in the region.)

From NBC/NJ's Athena Jones and Mike Memoli
GREENSBORO, NC -- Obama kept the focus on the economy Saturday, arguing at a North Carolina rally that last night's debate showed McCain was out of touch with the concerns of ordinary Americans who are struggling economically.

The senator was back in North Carolina for the second time in a week, a traditionally red state that his campaign still appears to have in its sights. It was the beginning of two days on the trail with his running mate Joe Biden, with whom he has not campaigned since just after the Democratic convention.

As they did in the days after Denver, during the Republican convention, the pair stressed what McCain did not talk about during the debate to show where his loyalties lay.

"Last night we had a debate and on issue after issue – from taxes to health care to the war in Iraq – you heard John McCain make the case for more of the same. The same policies that got us into this mess," Obama told the crowd standing under the gray sky outside a bus and train depot. "But just as important as what we heard from John McCain was what we didn't hear from John McCain. We talked about the economy for forty minutes, and not once did Sen. McCain talk about the struggles of middle class families."

Obama made a similar argument about the speakers at the Republican convention, arguing that they did not spend enough time talking about the economy or about jobs at a time when the jobless rate is rising and the economy is in crisis.

"The truth is, through ninety minutes of debating, John McCain had a lot to say about me, but he had nothing to say about you.  He didn't even say the words "middle class." He didn't say the words "working people," Obama said.

In his introduction of his running mate, Biden also amplified the same message the campaign is taking to the airwaves, saying that McCain ignored the middle class last night. "The phrase never parted his lips once. Not one single time," Biden said.

The Arizona senator's failure to mention the phrase is the subject of an ad that the Obama campaign is set to begin airing Monday.

As Obama and Biden were stumping under the banner of fighting for the middle class, McCain was back in Washington where his campaign announced he would be resuming "negotiations with the Administration and Congressional leaders from both parties to forge a bipartisan solution to our economic crisis."

Obama spoke with Rep. Barney Frank and Treasury Sec. Henry Paulson today and is keeping abreast of events in Washington, said campaign spokesperson Jen Psaki.

The campaign says he will continue with his scheduled events unless he is needed in Washington.

From NBC's Domenico Montanaro
Some highlights from the spin room:
Jill Hazelbaker (McCain communications director):
-- Obama has a "lack of understanding" and "lack of clarity." His "answers aren't tied to his record" on taxes. "Doesn't have much credibility."
-- She questioned why Obama would want to continue a debate on spending and taxes.
-- "One candidate looked presidential, another looked like he was playing politics."
-- She lauded McCain's experience over Obama. But on the VP debate, she said the focus would be on how Palin "connects." She said there was "something electric about her," citing her drawing 60,000 in Florida.
-- She denied that McCain is at all annoyed with being on the same stage as Obama. She said McCain has a "deep respect" for Obama and his ability. But "there's no question he thinks his experience is better than Obama's." She added that McCain is "passionate" and that he is "going to fight for what he believes is right."

David Axelrod (Obama chief strategist):
-- Stressed that Obama "believes passionately in change" and "McCain represent more of the same." He added that there is no "personal animus to McCain," but a "passionate feeling" on the issues, like Iraq and the economy.
-- He said he thought a good moment for his candidate came on Iraq, saying McCain "has a selective memory." He added that McCain showed "bad judgment" in going into Iraq and that he "misjudged Afghanistan."
-- "John McCain did a good job of reciting history but didn't do a good job in talking about the future."
-- He said the way the McCain campaign has acted in the last 10 days was "strangely erratic."
-- On why they didn't bring up McCain questioning whether he'd debate, he said, they "didn't want a debate about debates. This was about the future."

Greg Craig (Obama foreign policy adviser, was the stand in for McCain in debate prep):
-- Also cited that McCain was "wrong" on a "litany of things."
-- But he said, "Never underestimate Sen. McCain's ability to come up with personal anecdotes."
-- He said Obama "did what he needed to do." He cited specifically his ability to speak to the complexity of the issues, particularly with regard to Ukraine and Georgia. He lauded his candidate's ability to speak of the history of U.S. foreign policy, which he called "right on."
-- "Sen. Obama is much more in touch with 21st Century foreign policy than McCain."

Alex Conant (RNC):
-- Cited how many times Obama said, "John is Right." (Republicans, in fact, during the debate created a Web ad by that name. Now, that's a quick turnaround.)
-- He noted that the phrase was evidence "he's [Obama] playing on our turf." He likened to the fact that Obama wouldn't speak that way on health care or education - that he wouldn't start with "John's Right" on those issues.
-- He also cited the "bracelet" moment as a good one for McCain, since Obama cited one of his own.

From NBC's Chuck Todd
While there is now a mad scramble to spin who won or who lost, folks ought to step back and realize we saw one of the better "first" presidential debates in this modern era in quite some time.

Neither candidate was "off," neither candidate was nervous. Both were on message (sometimes painfully so for those of us who have now witnessed our 38th presidential debate of the cycle). In fact, the primary debate practice clearly had them both prepared tonight.

All in all, the questions I have are viewer/voter related:

1) Did a majority of folks see two presidential level candidates on stage? This is an especially important question for Obama. I suspect that only the most partisan McCain supporters wouldn't say Obama looked as presidential as McCain. In fact, McCain may have helped the audience come to that conclusion when he attempted to make the case directly that Obama wasn't ready.

2) Did McCain look like someone ready to buck the status quo? It's hard to argue that he wasn't showing himself as someone wanting to shake things up. For every time Obama attempted to link McCain to Bush, the Arizona senator had no qualms going after his own party. In fact, Obama's "John is right" mantras were usually connected to one of McCain's anti-Republican establishment points.

3) Did the viewers get turned off by McCain's sometimes dismissive treatment of Obama or will they start asking themselves the same questions? While this was a very heavy and substantive debate, I do wonder if on style, McCain lost a point or two, and that may explain why he's not staying even in some of these insta-polls.

4) Who will the voters-viewers punish for what seemed like a completely tone deaf conversation between the two candidates on the economy. Neither candidate emphasized jobs and instead allowed themselves to get bogged down on taxes and spending, two issues that don't rank nearly as high with voters as other economic issues. Bottom line on the economy: they both need work.

Still, count me impressed by both candidates. I know it may sound a bit pollyannish, but I thought one would not bring their "A" game or that one would get complacent and that didn't happen. There are some who believe a "draw" is better for the candidate perceived to be ahead. If that's the case, then the polls will continue their Obama drift. But I wouldn't be surprised if the polls don't move much in either direction because neither candidate gave a reason why voters ought to stop listening and make their decision now. There are two more debates and this one was good enough that they may see audiences build on this one.

Up next: the very intriguing and potentially entertaining VP debate.

The McCain campaign just sent out an email to supporters that highlights his return to DC tonight to "to resume negotiations with the Administration and Congressional leaders from both parties to forge a bipartisan solution to our economic crisis."

More: "We cannot be interested in who would get credit for finding a solution and who would be blamed if an agreement cannot be reached. We must put our country first to solve this economic crisis. Because in the end, that's what leaders do in times of crisis."

Citing that "we are ready to lead and the Obama-Biden Democrats are not," the email ends with an appeal for fundraising dollars.

"In the final weeks of this campaign, we will need to fund crucial get-out-the-vote and grassroots activities that will assist our entire ticket, from the top to the bottom to secure victory on Election Day. I'm asking you to help us by making a contribution right now to McCain-Palin Victory 2008."

Hillary Clinton's statement on the debate:

"Tonight Barack Obama displayed beyond a doubt that he understands both the gravity of the financial crisis facing America, and the challenges we face in Iraq and around the world. Senator McCain offered only more of the same failed policies of the Bush Administration. America deserves better."
 
"I stood next to Barack Obama in 22 debates and tonight epitomized why millions are joining me in standing with him and working hard to ensure he is the next President of the United States."

From NBC/NJ's Athena Jones
At least SIX times McCain said Obama did not understand something.

First on tactics vs strategy; and then on Pakistan being a failed state when Musharraf took office; then on the connection between winning in Iraq and in Afghanistan and about meeting with a leader like Ahmadinejad without preconditions and then on the Russia-Georgia conflict; then again on the need to succeed in Iraq so al Qaeda doesn't establish a base there.
 
(And make that SEVEN times if you count McCain near the end saying more generally that Obama doesn't have the knowledge to lead due to his responses on Russa/Georgia, and his failure to acknowledge surge's success)

If McCain's argument in the first half of the debate was all about earmarks, in the second, it seemed to be about Obama's lack of understanding.

The question is whether viewers will agree with him on these specific points or just internalize his oft-repeated argument. 

In the debate over Obama's position that he would be willing to talk to unsavory world leaders without precondition, Obama brought up that Henry Kissinger -- an adviser to McCain -- actually favors that.

That is true. Kissinger favors direct talks -- without preconditions with Iran -- but he prefers doing at the Secretary of State level.

*** UPDATE *** The McCain camp sends along the following statement from Henry Kissinger: "Senator McCain is right. I would not recommend the next President of the United States engage in talks with Iran at the Presidential level. My views on this issue are entirely compatible with the views of my friend Senator John McCain. We do not agree on everything, but we do agree that any negotiations with Iran must be geared to reality. "

From Bloomberg, (3/14):
Former Secretary of State Henry Kissinger said the U.S. should negotiate directly with Iran over its nuclear program and other bilateral issues. "One should be prepared to negotiate, and I think we should be prepared to negotiate about Iran,'' Kissinger, who brokered the end of the 1973 Yom Kippur war and peace talks with the North Vietnamese, said yesterday in an interview with Bloomberg Television. Asked whether he meant the U.S. should hold direct talks, Kissinger, 84, responded: "Yes, I think we should.''

And from from CNN, (9/20):
Kissinger: "Well, I am in favor of negotiating with Iran. And one utility of negotiation is to put before Iran our vision of a Middle East, of a stable Middle East, and our notion on nuclear proliferation at a high enough level so that they have to study it. And, therefore, I actually have preferred doing it at the secretary of state level so that we -- we know we're dealing with authentic..." Sesno: "Put at a very high level right out of the box?"

Team McCain has just unveiled a new web video, featuring clips of Obama agreeing with McCain throughout tonight's debate.  

NBC/NJ's Matthew Berger points out... the video starts with "I'm John McCain and I approve this message," but it is impossible for him to have seen it to approve it, since it uses lines from a debate he was still on stage at.

From NBC's Mark Murray
McCain slammed Obama for threatening to "announce military strikes" on Pakistan.

"I'm not prepared to threaten it as Senator Obama apparently wants to do, as he has said that he would announce military strikes into Pakistan."

"Now, you don't do that," he added. "You don't say that out loud."

Is that what Obama really said in August 2007? 

Not exactly.  Then, Obama said: "If we have actionable intelligence about high-value terrorist targets and President Musharraf won't act, we will."

So Obama said that he'd go after al Qaida targets within Pakistan's borders, not attack the nation itself. That's a move that the Bush administration actually approved this summer on at least one occasion --  to much objection by the Pakistani government.

From NBC/NJ's Athena Jones
The longer format appears to be working  for Obama, who tends to be long-winded. He hasn't been forced to give a quick answer yet.

He's on message, hitting his talking points on the contrasts with John McCain on taxes, his plans for healthcare and energy independence. He seemed to cover more ground than McCain whose main points were about cutting government spending.

For several minutes, Obama was the only one to interrupt his opponent, which seemed to be an attempt to show his willingness to fight back.

Other observations:

*Both mentioned Tom Coburn

*Took 34 minutes for Iraq to be mentioned (unless I missed it before). Obama pointed to ending the war as a cost savings

*The strongest exchanges were on Iraq. Obama seeking to point out areas where McCain was wrong and McCain accusing him of not admitting the United States was succeeding in Iraq and talked about him voting to cut off funding for troops

From NBC/NJ's Adam Aigner-Treworgy
McCain clearly doesn't like Obama questioning his knowledge, understanding or positions on the war in Iraq...he's getting that uncomfortable smile again.

From NBC's Mark Murray
Earlier, Obama said that he will "make sure that we have a healthcare system that allows for everyone to have basic coverage. I think those are pretty important priorities. And I pay for every dime of them."

Take a look at these numbers from the nonpartisan Committee for a Responsible Federal Budget (part of the New America Foundation) on the spending plans for BOTH candidates.

-- $173 billion in 2009 for Iraq and Afghanistan (Congressional Budget Office)
-- $700 billion (projected) for Wall Street bailout
-- a net of $400 billion per year (roughly) for Obama tax and spending proposals (Cmte for a Responsible Federal Budget)
-- a net of $400 billion per year (roughly) for McCain tax and spending proposals (Cmte for a Responsible Federal Budget)

So for each presidential candidate, that comes to almost $1.3 trillion -- on top of everything else in the budget.

From NBC/NJ's Adam Aigner-Treworgy
'The next President of the United States will not have to address the issue of whether or not we should have gone into Iraq...'
 
That's the answer to this issue that McCain has been looking for throughout this campaign. He came close to this on several occasions, saying the debate is not over whether we should have gone in or not, but this answer really looks towards the future, which is something that McCain hasn't always done so well with this war.

From NBC's Chuck Todd and Domenico Montanaro
More than a third of the way through, we get the first foreign policy question. Not surprising actually. I had the 30-minute mark as the over-under. It was at 9:40, we finally saw it. Who had the over?

In July, the McCain campaign unveiled a TV ad making this same claim: "Barack Obama never held a single Senate hearing on Afghanistan."

That is CORRECT. As chairman of the Senate Foreign Relations Subcommittee on European Affairs, Obama has never held a hearing on Afghanistan. But the Senate Foreign Relations Committee -- currently chaired by Joe Biden -- has addressed Afghanistan at the FULL COMMITTEE level. Indeed, in the past couple of years, the full committee has held three hearings on Afghanistan. And Obama has attended ONE of them.

-- January 31, 2008: "Afghanistan: A Plan to Turn the Tide." Obama DID NOT attend

-- March 8, 2007: "Afghanistan: Time for a New Strategy?" Obama DID attend

-- September 21, 2006: "From Coalition to ISAF Command in Afghanistan." Obama DID NOT attend

Meanwhile, the Senate Armed Services Committee -- of which McCain serves as ranking member -- has held at least seven hearings on Afghanistan in the last two years. And McCain DID NOT attend a single one of them, according to NBC News.

-- March 1, 2007: FULL COMMITTEE - To receive testimony on Afghanistan.

-- June 7, 2007: FULL COMMITTEE - To consider the nomination of Lieutenant General Douglas E. Lute, USA, to be Assistant to the President and Deputy National Security Advisor for Iraq and Afghanistan

-- February 6, 2008: FULL COMMITTEE - To receive testimony on the Defense Authorization Request for Fiscal Year 2009, the Future Years Defense Program, and the Fiscal Year 2009 request for operations in Iraq and
Afghanistan.

-- February 14, 2008: FULL COMMITTEE - To receive testimony on the strategy in Afghanistan and recent reports by the Afghanistan Study Group and The Atlantic Council of the United States

-- April 2, 2008: READINESS AND MANAGEMENT SUPPORT - To receive testimony on Department of Defense contracting in Iraq and Afghanistan

-- April 10, 2008: FULL COMMITTEE - To receive testimony on the situation in Iraq, progress made by the Government of Iraq in meeting benchmarks and achieving reconciliation, the future U.S. military presence in Iraq, and the situation in Afghanistan.

-- September 23, 2008: FULL COMMITTEE - To receive testimony on the situation in Iraq and Afghanistan.

From NBC's Chuck Todd and Domenico Montanaro
What if John Kerry had defended himself on the "most liberal senator" charge in 2004 by saying it was because he was so busy trying to stop bush"s "wrongheaded policies"? It took Democrats four years to figure out a response to this hit.

From MSNBC.com's Andy Merten
McCain invoked Hillary Clinton, talking about his work with her in battling climate change.

From NBC's Chuck Todd and Domenico Montanaro
Obama is debating on McCain's turf with taxes and spending....Obama needs to pivot... It's long enough... This doesn't have anything to do with the economy. Or foreign policy for that matter. He tried with the first mention of Iraq.

McCain's the first to mention jobs and he does it by proposing 700,000 new jobs through nuclear power plants.

From NBC's Chuck Todd and Domenico Montanaro
Hmm, remember those flag pins... Obama is wearing one; McCain is not.

From NBC's Mark Murray
McCain brought up that Obama "has the most liberal voting record..."

He and his campaign have made this charge throughout the general election, but it's a bit misleading. The charge is based on the vote ratings for 2007 by the non-partisan National Journal magazine. Indeed, for that year, he ranked as the most liberal senator (voting the liberal way 65 out of 66 votes, per the magazine).

But in 2005, the magazine ranked Obama as the 16th-most liberal senator. And in 2006, his rank was 10th.

So it's correct for McCain to say that Obama was the most liberal senator for 2007. But the "most liberal senator" overall is a bit misleading….

From NBC/NJ's Adam Aigner-Treworgy
United States business taxes are the second highest in the world...
 
"I want to cut that business tax," McCain said.
 
Many voters don't understand what the U.S. business tax is, and when McCain uses that line at rallies and town halls it always gets a big gasp. It could be pretty effective, but it's never had much of a pushback. What do people hate more, high business taxes or corporate loopholes?
 

From NBC's Chuck Todd and Domenico Montanaro
Why did Obama lead with taxes? The debate is on taxes now.

How did this debate become about taxes?

MSNBC.com's Andy Merten points out... We're over 20 minutes into this debate, which was supposed to focus on foreign policy, and there's been barely a mention of the United States' two foreign wars.

From NBC's Chuck Todd
Obama is wearing a flag pin. McCain is not.

From NBC's Chuck Todd
Obama is responding to McCain more than McCain is responding to Obama...