While many may debate who won or lost the first presidential debate held Friday night, the clear loser at this stage is the public on one specific issue: costs.

While the debate was supposed to be about foreign policy and national security, moderator Jim Lehrer of PBS's “NewsHour” was right to start the focus on the financial crisis that not only impacts our pocket books, but the financial stability of the nation as well as the world.

Nearly 40 minutes of the 110 minute debate were focused on that subject and both nominees John McCain and Barack Obama did their best to paint each other as big spenders (Obama) or a friend of the rich special interest groups (McCain) with their best zingers and oversimplified facts proving their points against their opponent. Lehrer tried to focus them on specifics - specifically whether they support the $700 billion bailout that they would both be asked to vote on in the coming days. They did give direct answers.

Yet, on one question posed to them by Lehrer, they fudged and obfuscated - and it is the real $700 billion question that needs an answer - with the possible massive outlay of funds from Washington and the federal government creating greater debt - perhaps the largest single spending package ever enacted by Washington - what new initiatives or programs that they have proposed during this campaign would have to be scaled back or eliminated? Neither candidate would say anything has to be scaled back or eliminated from their panoply of initiatives - especially on the big three issues that need attention - energy independence, health care costs and infrastructure investment.

In fairness to both candidates, they were right that the final details of the $700 billion plan were still being negotiated (and still are) and that they couldn't know how their ideas would be impacted. That is true to a certain extent. Yet, just as the subject matter of Friday's debate shifted from pure foreign policy, originally likely focusing on Iran, Iraq, Russia and the war on terror shifting to financial security - the same goes for what the candidates and their campaigns can propose and more importantly, deliver, with Wall Street's meltdown.

The fact is that the last three weeks on Wall Street and in banking and insurance sectors have not only changed the economy, but have upended what the next president of the United States can and can not do. Voters deserve detailed answers on what the new priorities in 2009 can realistically be.

Cosentino is a former mayor of Auburn and can be contacted at cozguytho@aol.com