So, what can we expect? How might the debate affect the election outcome? What role have debates played in the past?
Both camps agreed last week that the September 26 debate would cover issues of national security and issues of foreign policy, perceived to be McCain's strong points. The reasons why both sides would agree to this are many.
McCain, whose earlier selection of Alaska Governor Sarah Palin for his Vice Presidential candidate seemed to invigorate his sagging support, is now again facing falling numbers, with some measures pegging Obama's national lead near double digits, though most remain around 4 per cent. McCain may have called for the foreign policy debate as a way to stopgap his decline and boost his fortunes, if only for a moment, so he can right his ship and get back on solid ground.
Obama, on the other hand, might perceive his now somewhat comfortable lead as a buffer, one he can use to absorb whatever temporary gains McCain makes through a discussion of foreign policy. Then, when the second and the third debates come, geared towards domestic and economic issues, Obama would be able to hit on his most comfortable points last, an enviable position. Also, there's speculation that the Obama camp believes the recent US financial meltdown will overshadow foreign policy discussion, effectively nixing McCain's ace card.
The first of three presidential debates before Election Day will be held at the University of Mississippi and moderated by PBS' Jim Lehrer. The second presidential debate, hosted in partnership with social networking Web site MySpace, will be a town hall-style debate held in Nashville, Tennessee, with moderator Tom Brokaw. Some voters will have the chance to ask questions. The third presidential debate at Hofstra University in Hempstead, New York, will be moderated by CBS' Bob Schieffer.
The likely list of discussion topics up for debate includes recently cooled US-Russia relations, the ongoing wars in Iraq and Afghanistan, increasing importance of US reliance on foreign energy suppliers and how to handle hostile, potentially nuclear nations like North Korea and Iran. There's also a good chance that recent US military strikes along Pakistan’s border in the Northwest Frontier province will be discussed and analysed.
Image: US Democratic presidential candidate Illinois Senator Barack Obama delivers a policy speech at the Resch Center in Green Bay, Wisconsin, September 22.
Photograph: Emmanuel Dunand/AFP/Getty Images