NASHVILLE, Tenn. — At the end of a day when the stock market recorded one of its largest point drops in history, John McCain and Barack Obama offered empathy, ideas and detailed proposals yesterday as they repeatedly clashed over how to address the nation's deepening financial woes.

But at a point in the race when McCain badly needs to shake things up, the debate was short on the sort of fireworks that could alter the campaign's trajectory.

McCain, highlighting a massive new initiative, said he would order the secretary of the Treasury to buy up bad home loan mortgages and renegotiate them so that homeowners could make the payments and stay in their homes.

Obama, by contrast, said middle-class people need their own rescue package, in the form of tax cuts.

To the voters, the candidates spoke sympathetically. But to one another, their tone was unfriendly and aggressive.

The Republican nominee said Obama had never stood up to his party, that his tax proposals are "like nailing Jell-O to the wall," and he mocked him for requesting a $3 million earmark to pay for a projector at Chicago's Adler Planetarium.

Obama accused McCain of supporting a failed administration that helped create the financial debacle. He criticized McCain's tax cut plans as another giveaway for too-rich CEOs. And he said that when it comes to Social Security and Medicare, "I think the Straight Talk Express lost a wheel on that one."

Four weeks before the nation's 44th president is elected, the two candidates faced undecided voters and probing questions from the audience against a backdrop of the worst financial crisis since the Great Depression.

What was supposed to be a traditional town hall meeting, moderated by NBC's Tom Brokaw, evolved into more of a classic political debate as the two candidates repeatedly responded to the comments of the other.

TAKES ON ECONOMY

Brokaw asked both men if the economy is going to get worse before it gets better.

"No, I am confident about the American economy," Obama said. "But we are going to have to have some leadership from Washington that ... sets out much better regulations for the financial system."

McCain was less positive.

"I think it depends on what we do," McCain said, citing the need to stabilize the housing market and eliminate cronyism and the influence of special interests in Washington.

The face-off, the second of three scheduled debates, took place at Belmont University just as Obama has begun to take a commanding lead in many battleground states while the stock market recorded another harrowing day, dropping more than 500 points.

The tension between the two opponents was palpable as each paced the red-carpeted stage.

McCain accused Obama of being the Senate's second-highest recipient of donations from people who work at housing giants Fannie Mae and Freddie Mac, which had to be bailed out by Congress after "greed and excess" did them in.

"There were some of us who stood up against this," McCain said of the years before the meltdown. "There were others who took a hike."

Obama attempted to "correct a little bit of Sen. McCain's history," pointing out that McCain's campaign manager, Rick Davis, has been a lobbyist for Fannie Mae.

The two sparred briefly over healthcare reform, a topic Obama has tried to reintroduce to the campaign debate as a way to talk about additional pocketbook issues.

"What he doesn't tell you is that he is going to tax your employer-based healthcare benefits for the first time ever," Obama said. "So what one hand giveth, the other hand taketh away."

McCain countered by suggesting that Obama would raise taxes, something Obama has said would only happen for the wealthiest.

"You know, he said some time ago, he said he would forgo his tax increases if the economy was bad," McCain said. "I've got some news, Senator Obama, the news is bad. So let's not raise anybody's taxes."

GOVERNMENT LEANINGS

McCain also charged that Obama's first instinct is more government. "As you notice, he starts talking about government. He starts saying government will do this and government will do that, and then government will — and he'll impose mandates," McCain said. "If you're a small-business person and you don't insure your employees, Senator Obama will fine you. ... If you're a parent and you're struggling to get health insurance for your children, Senator Obama will fine you."

And Obama painted McCain as a captive of Washington as he criticized his energy proposals.

"He said a while back that the big problem with energy is that for 30 years, politicians in Washington haven't done anything," Obama said. "What Senator McCain doesn't mention is he's been there 26 of them. And during that time, he voted 23 times against alternative fuels, 23 times."

At that point, McCain seemed tempted to display his legendary temper. He paused and gave the audience a knowing look. "It was an energy bill on the floor of the Senate loaded down with goodies, billions for the oil companies, and it was sponsored by Bush and (Vice President Dick) Cheney. You know who voted for it? You might never know. That one," he said, pointing at Obama. "You know who voted against it?" McCain asked. "Me."

Today, Obama is to continue his five-day march across states that traditionally support GOP presidential candidates, with a stop in Indiana. McCain is headed to Pennsylvania and Ohio.