The stage is set once again for another presidential debate on Tuesday night, Oct. 16, between President Barack Obama and his Republican challenger Mitt Romney.  The political event will take place at 9 p.m. ET in Long Island, N.Y., at Hofstra University. 

Domestic and foreign issues will be on the agenda for the long-awaited debate, along with queries from undecided voters, which will be chosen by the Gallup organization and moderator Candy Crowley.

Recent speeches and ads put out by both the Obama and Romney camps made it very clear as to what the candidates would like to speak of. Romney will be looking to respond to the following debate questions, according to the Los Angeles Times:

What will you do to bring America's $16-trillion debt under control?

What went wrong at the U.S. consulate in Benghazi, Libya?

How would you create more jobs for Americans?

What can you do to lower gas prices?

The news site also posted the following questions that Obama will likely want to answer:

Can you defend government bailouts of private companies, particularly the auto industry?

What can you say to show you have a plan for Americans who are unemployed or under-employed?

How does your tax plan differ from Romney's?

Describe any limits you think should be placed on woman's ability to get an abortion?

The candidates have been physically and mentally preparing intensely for the upcoming event. Obama was said to have exercised before his final review for the debate, which he's hoping will allow him to pull ahead of Romney. 

The President told reporters "I feel fabulous," as he headed into a meeting with three of his top aides after finishing a grueling "debate camp." The democrat told the press he felt that he may have lost the first debate two weeks prior and was looking to be better prepared this time around.

On the other hand, Romney was seen smiling with confidence as he got off of his New York flight. Ohio Senator Rob Portman was reportedly aboard the Republican's plane and assisted Romney by portraying Obama during practice sessions, in order to better prepare him for the upcoming political showdown.

Tags: presidential debate 2012