FACTBOX-Obama, McCain quotes on financial crisis, economy

Sept 26 (Reuters) - Republican John McCain and Democrat Barack Obama participated on Friday in the first of three debates that could help determine the winner of the Nov. 4 U.S. presidential election.

The candidates spent more than 30 minutes discussing the crisis in the financial industry and the faltering U.S. economy, issues that have dominated the campaign trail this month.

Here are some quotes from the debate held in Oxford, Mississippi:

ON THE $700 BILLION FINANCIAL RESCUE PLAN

* OBAMA

"I am optimistic about the capacity of us to come together with a plan."

"I think Senator McCain's absolutely right that we need more responsibility, but we need it not just when there is a crisis."

"It's hard to anticipate right now what the budget's going to look like next year. But there's no doubt that we're not going to be able to do everything that, I think, needs to be done. There are some things that, I think, have to be done. There is no doubt that it's going to affect our budgets. There is no doubt about it."

"This is a final verdict on eight years of failed economic policy promoted by (President) George (W.) Bush and supported by Senator McCain."

* MCCAIN

"We've got to fix the system. We've got fundamental problems in the system. Main Street is paying a penalty for the excesses and greed in Washington, D.C., and in Wall Street there is no doubt that we have a long way to go."

"Somehow in Washington today -- and I'm afraid on Wall Street -- greed is rewarded, excess is rewarded and corruption -- or certainly failure to carry out our responsibility -- is rewarded. As president of the United States, people are going to be held accountable in my administration."

"The point is -- the point is, we are finally seeing Republicans and Democrats sitting down and negotiating together and coming up with a package."

ON TAXES AND SPENDING

* OBAMA

"My attitude is we've got to grow the economy from the bottom up. What I've called for is a tax cut for 95 percent of working families."

"Here's what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000 -- less than a quarter-million dollars a year -- then you will not see one dime's worth of tax increase."

* MCCAIN

"I also want to say again, a healthy economy with low taxes, with not raising anyone's taxes is probably the best recipe for eventually having our economy recover. And spending restraint has got to be a vital part of that."

"I've fought to simplify it (the tax code), and I have proposals to simplify it. Let's give every American a choice: two tax brackets, generous dividends, and -- and two -- and let Americans choose whether they want the -- the existing tax code or they want a new tax code."

(Compiled by Christopher Doering)