SNEAK PEEK: And the Debate Goes To. . .

January 31, 2008— -- 4 days until Super Tuesday

The fate of next month's Academy Awards ceremony is still up in the air with the ongoing writers strike in Hollywood. But tonight the Kodak Theater in Los Angeles will feature a different kind of suspense, celebrity, and drama.

Ninety minutes, two candidates, 1681 delegates at stake on Super Tuesday. And finally the showdown that voters have been waiting months for – Hillary Clinton v. Barack Obama.

Tonight's Democratic debate in Los Angeles is a match up that could join some of the most legendary one-on-one battles – Ali and Frazier; Hamilton and Burr; Russell and Chamberlain, Kanye West and 50 Cent.

There have been 16 Democratic debates since last April (seriously, only 16…) and the stage certainly was crowded back in Chicago, Hanover and Philadelphia. But now it comes down to two – and the "grown up wing of the Democratic Party" will not be there to referee.

The debate last Monday in South Carolina was intense and personal and came a day before a decisive victory for Obama. Tonight is the final debate before Super Tuesday, and the two Democratic candidates need to take advantage of the opportunity to appeal to a wide range of voters across the country on national cable – without spending a dime.

Clinton and Obama will also try and win over those voters who were leaning toward John Edwards before he withdrew from the race on Wednesday.

With that goal in mind, the candidates may choose to focus on the economy, which has emerged as the key issue voters are concerned about when they go to vote.

Follow all of the action as ABC News' Rick Klein live blogs the debate and you will be able impress your friends on Friday with inside scoop and analysis.

The John McCain/Rudy Giuliani campaign for Best Duo in a Buddy Film continues on "The Tonight Show." McCain and Giuliani stop by to chat with Jay Leno Thursday night

The march to Super Tuesday is shaping up to be an expensive undertaking for the remaining candidates. With 22 states holding Democratic contests and 21 states holding Republican contests, the campaigns need to plan a strategy for ads and travel that maximizes their money and candidates' time.

Midnight marks the deadline for the campaigns to file their financial reports with the FEC and ABC News' Tahman Bradley and Ron Claiborne Report that John McCain had his best fundraising quarter the last three months of 2007, raising $9.9 million for his presidential campaign.

The McCain campaign reported having a little bit less than $3 million in cash on hand on December 31 after spending more than $10 million in the fourth quarter of 2007, Bradley and Claiborne report. McCain aides say they ended up raising in first the three weeks of January more money than they raised in the fourth quarter. In addition, aides describe the campaign's post-Florida fundraising as "phenomenal."

Obama and Clinton change up tactics in advance of tonight's debate. LINK

The Governator Endorses McCain
One day after Rudy Giuliani's endorsement, Schwarzenegger backs McCain. LINK

Clinton Not Always Union-Friendly
A new report says Hilary Clinton was not pro-union while on Wal-Mart's board. LINK

Hillary Clinton Says She Can Control Bill
Says it won't be a co-presidency: "There is only one President at a time." LINK

Clinton Says She'll Fix Economic 'Free Fall'
Sen. Clinton releases ad saying she's the candidate who can fix the economy. LINK

Clinton Fires Back at 9/11 Hecklers
President Bill Clinton tells rioters: "Nine-eleven was not an inside job." LINK

Romney and McCain Get Nasty
The Republican candidates traded jibes during Wednesday night debate. LINK

Clinton's Corporate Side
The New York senator served on Wal-Mart's board of directors for six years. LINK

Political Round Table: Down to 2 Dems
Cokie Roberts and Sam Donaldson discuss the showdown between Clinton and Obama. LINK

Clinton and Obama's Differences
The two Democratic front-runners have differing views on the presidency. LINK