The 2008 elections will be a watershed moment in U.S. economic policy. The new president and Congress will face a number of decisions that will shape American policy for a generation. In addition to responding to the evolving financial crisis and the state of the economy, the next president must decide whether to extend the Bush tax cuts, enact a cap-and-trade program for carbon emissions, and reform entitlements. AEI economists Charles W. Calomiris and Kevin A. Hassett, along with Economic Policy Institute economist Jared Bernstein, who served in the Labor Department during the Clinton administration, will describe future economic policy under the leadership of each presidential candidate. AEI’s Andrew G. Biggs will moderate.