Democrats face off in final debate before Iowa caucuses

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cnn.com — The Democratic candidates on Thursday kicked off their final debate before the Iowa caucuses by weighing in on the country's financial situation.

When asked if it would be a priority to balance the federal budget every year, Sen. Barack Obama said,"We are not going to be able to dig ourselves out of that hole in one or two years."

"If we can get on a path of sustained growth, if we can end the war in Iraq, end some of the special interest loopholes and earmarks that have been clogging up the system, I think we can return to a path of a balanced budget," the senator from Illinois said.

Gov. Bill Richardson of New Mexico said he would push for line-item veto authority to balance the budget.

"Balancing the budget should be viewed as an opportunity to have economic growth in this country," he said.

The debate is being sponsored by The Des Moines Register and Iowa Public Television.

Rep. Dennis Kucinich of Ohio and former Sen. Mike Gravel, who had both participated in earlier Democratic presidential debates, were not invited to the debate because they did not meet standards established by the debate organizers, which include having a campaign office in Iowa.

With her 20-point lead in New Hampshire gone and her lead deteriorating nationally, Sen. Hillary Clinton now faces a wide-open race.

Clinton was mentioned as the "inevitable" Democratic presidential nominee a few months ago, but Obama has steadily chipped away at her lead in recent months.