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The 2008 U.S. election is in many ways a historic one with an African American candidate, a female vice-presidential candidate and the oldest man vying to be a first-term president. Further, the U.S. is recovering from the worst economic crisis on Wall Street since the Great Depression, and it is fighting two wars.

With an entire country itching for change, McCain and Obama are campaigning to distinguish themselves as reformers who will crack down on government overspending, special interest groups and financial greed. They are doing this even though their plans and policies differ enormously. The following is a glimpse at where they each stand on the issues:

ECONOMY

McCain would:

Create jobs, help small businesses, expand opportunities and open markets to American goods under the banner "Jobs for America." He'll provide assistance to families to help meet their mortgage payments. He plans to balance the budget within four years by ending "pork barrel" spending and unnecessary government programs. He's called for tax credits for R & D to encourage companies to be innovative.

McCain's tax plan:

• cut taxes for corporations from 35 per cent to 25 per cent
• keep tax rates low for small businesses
• provide a summer gas-tax holiday
• give $5,000 health insurance to families
• provide research and development tax cuts
• ban Internet and cellphone taxes
• provide a first-year deduction for businesses on equipment and technology

Obama would:

"Jump start the economy" with tax rebates, a foreclosure prevention fund and financial assistance to the states hit hardest by the housing crisis. He'll cut taxes for 95 per cent of working families and provide economic stimulus cheques. He supports raising minimum wage and increasing job training programs that would help people find jobs related to clean energy.

Obama's tax plan:

• cut taxes for middle-income families and retirees
• offer a $50-billion economic stimulus package
• expand unemployment benefits
• provide relief for homeowners facing foreclosure
• propose new rules to prevent mortgage and credit card fraud
• provide tax credits to reduce healthcare costs
• provide tax cuts to corporations that invest and create jobs in the U.S.

IRAQ

McCain:

He supports an Iraq "handover" but thinks bringing troops out too soon and in large numbers will strengthen al Qaeda.

Obama:

Obama supports slowly pulling troops out of Iraq with the objective to have them fully out within 16 months. He believes that spending time, energy and money on Iraq takes away from the fight against al Qaeda and the Taliban in Afghanistan and thinks more American aid money should be spent in that country.

ENERGY / CLIMATE CHANGE

McCain supports:

• off-shore drilling to reduce U.S. dependency on foreign oil
• developing clean coal technologies and using nuclear energy

Obama plans:

• to invest $150 billion over 10 years to advance biofuels and promote renewable energy
• to improve energy efficiency 50 percent by 2030, partly by awarding grants to jurisdictions that build energy-efficient buildings
• create a Global Energy Forum - a brain trust for discussing environmental issues, ideas and innovations.

HEALTH CARE

McCain would:

• offer individuals without employer-provided health insurance a $2,500 tax credit and $5,000 for families
• allow people to keep health insurance when they transfer jobs or switch states
• encourage competition among health providers to keep costs lower

Obama would:

• require all children to have health insurance
• require all employers to contribute to employees' insurance costs
• cut health care costs for average family by $,2500
• require health care providers to publicly report their expenses

EDUCATION

McCain would:

• provide funding to recruit better teachers
• give bonus incentives to teachers who agree to work in troubled areas
• fund development of online courses
• give students the option to switch public schools to receive the best education
• support parents being able to take their children and the corresponding fees they pay out of failing schools

Obama would:

• improve funding to the No Child Left Behind program, which was enacted in 2002 to improve education in schools by increasing standards of accountability to governments and school districts. Further it gives parents more flexibility to choose schools for their children
• make math and science a priority and recruit more teachers in this area
• fund a $4,000 tax credit for college students who will become teachers

TRADE

McCain supports:

• NAFTA
• DR-CAFTA - U.S.-Dominican Republic Central American free trade agreement
• trade with Vietnam and China and expanding trade to developing countries

Obama supports:

• existing trade agreements pending consideration of labour laws, employee rights, environmental and consumer concerns

Obama opposes:

• DR-CAFTA based on labour and environmental concerns
• NAFTA and would consider a potential withdrawal from the treaty to ensure labour and environmental considerations
• trade with China unless it includes labour and human rights standards

SECURITY

McCain wants: