McCain smartly talks about a cut to several specific defense systems when asks about what he'd cut to pay for the "bailout." Those programs may not constitute a major impact on the budget, but it makes a good impression.
McCain would consider a freeze of all spending except for defense, veterans affairs, possibly several entitlement programs. Obama would would save money from cuts in Iraq. (Why would McCain not freeze spending for defense, when such spending is substantial -- where does he want the additional defense funds spent?)
Obama: Why freeze health care spending while giving hundreds of billions of dollars of tax breaks to people who haven't even asked for them? (Presumably, the very wealthy.)
Obama works to tie McCain to Bush on spending. Why has McCain supported Bush's spending priorities?
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