High stakes

Good morning and welcome to US Election Countdown. I'm Steff Chávez, the FT's Washington reporter. As we wait for tonight’s presidential debate, let’s get into:

• Our expectations for the Trump-Harris match-up
• The $1bn crusade to “crush” liberal America
• How the candidates’ economic proposals will hit the US budget

As Kamala Harris and Donald Trump prepare to meet for the first time, the stakes couldn’t be higher.

In June, we saw just how consequential a debate can be when Joe Biden’s catastrophic performance ultimately led him to exit the race. Tonight’s event is, so far, the only officially scheduled debate between Harris and Trump — and it could shape the rest of the campaign.

Harris’s momentum seems to be stalling — if not slipping — so she’s under immense pressure to deliver a strong performance. She’s leading Trump by 2.2 percentage points nationally, according to the FT’s polling average, but that’s down from 3.6 points at the end of last week.

It’s a crucial night for Trump, too. After Harris’s ascendant summer, the former president wants to wrestle back some momentum of his own.

He managed to stay focused and coherent in the debate against Biden, but there is always the risk his tendency to ramble or launch personal attacks, could backfire. . . . Register for the FT to keep reading the newsletter for free.