It is scheduled for 90 minutes, airing live on CNN and streaming on CNN.com. Anchors Jake Tapper and Dana Bash are moderating.

The first topic for the candidates was the economy. Biden remarked that he inherited an economy that was in a “free fall” due to Trump’s handling of the COVID-19 pandemic. Trump claimed that he led the “greatest economy in the history of our country.”

“We’re working to bring down the price around the kitchen table and that’s what we’re going to get done,” Biden said.

The president touted new jobs added during his term and corralling the cost of prescription drugs for seniors and the cost of insulin. On the economy under Trump, Biden was critical of his tax cuts for the wealthy and adding the most new debt in a single presidential term. Trump added an estimated $8.4 trillion to the national debt compared to Biden’s $4.3 trillion.

Trump denied that his plan to impose 10% tariffs on all goods imported into the United States would cause more inflation. He said it would reduce the deficit. He also plans to extend tax cuts for the wealthy and “go further” with them, he said.

There is no live audience for the first time since the 1960 debate between John F. Kennedy and Richard Nixon.

The first debate of this election cycle is the third between Biden and Trump. It is also the earliest in an election cycle that a presidential debate has been held.

Neither candidate has officially been nominated at this point. That will happen during the Republican and Democratic National Conventions beginning July 15 and Aug. 19 respectively. Both have secured the delegates required to earn the nominations.

The candidates are circumventing the Commission on Presidential Debates to participate in Thursday’s debate. It will be the first time since the commission was created in 1987.

The Biden and Trump campaigns agreed to the rules of the first debate earlier this month after weeks of negotiation. There will be no opening statements. Candidates will have two minutes to respond to questions from the moderators. Their microphones will be muted until it is their turn to respond.

Candidates needed to appear on enough ballots to win the 270 electoral votes needed to win the presidency to be eligible for the debate. They were also required to poll at 15% or better in four national polls, according to a press release from CNN.

Robert F. Kennedy Jr., a former Democrat turned independent candidate, will not be participating in the debate after not qualifying.