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U.S. role in the global economy
Given the recent emergence of China and India, what steps will you take to extend the United States' supremacy in the global economy into the 21st century? Or do we need to accept that the U.S. may not dominate as it had in the 20th?

McCain When you look at innovation and which country has been most involved in the future economic growth of the world - and that's information technology - the U.S. still has a credible lead. Of course India and China will be economic superpowers in many respects. But I do not believe they will overtake the United States of America.

In other words, our fate is in our hands. If we educate, if we train, if we innovate and we produce, the 21st century will also be the American century. Governments matter. And raising taxes the way Senator Obama wants to do, and unilaterally renegotiating trade agreements, and carrying out the economic proposals of Senator Obama I think can have very serious negative effects.

Obama The U.S. economy remains the biggest, the most dynamic, the most entrepreneurial of the world economies. And it's going to be that way for some time to come. But China and India are on the rise. That's generally a good thing, but it's going to present some challenges. We have to figure out how to build on our strength.

For example, we have the best university system in the world by a long shot. But if we're starting to under-invest in our university system, or we're making it harder for foreign students to come and study here, then we could lose that edge. Our spending on basic science has flat-lined. It should double.

NEXT: The wealth gap
Last updated June 25 2008: 12:02 PM ET
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