CNBC's GOP Debate Comes at Critical Moment in Presidential Race

Republican presidential candidates will gather for the CNBC debate in Michigan on November 9 at a critical moment in the race for the party's 2012 nomination.

The candidate who's long held the inside track, former Massachusetts Gov. Mitt Romney, appears stuck in the polls.

The rival who has overtaken him in some national surveys, former Godfather's Pizza chief executive Herman Cain, is battling to save his candidacy amid reports he was accused of sexual harassment by one-time subordinates.

And the governor who once appeared poised to challenge Romney, Rick Perry of Texas, is attempting to revive his slumping campaign after weak early debate performances drained away conservative support.

Those three candidates and five others — Reps. Michele Bachmann and Ron Paul, former House Speaker Newt Gingrich, former Sen. Rick Santorum, and former Utah Gov. Jon Hunstman — will take the stage at Oakland University in Rochester, near Detroit, as the intra-party dialogue sharpens over how best to revive the lackluster American economy.

Cain initially set the pace on taxes with his 9-9-9 plan to slash individual and corporate income tax rates while adding a new national sales tax. That plan drew fire from rivals after neutral analysts concluded it would raise taxes on middle income Americans while providing large tax cuts for the affluent.

Perry responded with a plan for a 20 percent flat tax for individuals and corporations. To avoid raising taxes on middle and low-income workers, the Texas governor proposed to preserve valuable deductions for mortgage interest, charitable donations, and state and local taxes. He also vowed to give taxpayers the option of continuing to file under the existing tax system if that gives them a better deal.

That, in turn, has provoked an attack from Romney charging that Perry would expand the federal budget deficit.

Taxes are just one of the economic issues in the spotlight for the 90-minute debate, which airs on CNBC at 8 pm ET. Moderators will be CNBC's Maria Bartiromo and John Harwood, joined by panelists Jim Cramer, Steve Liesman, Rick Santelli, and Sharon Epperson.

The candidates will also have the opportunity to display their contrasting views on restraining government spending — especially on the massive entitlement programs of Social Security, Medicare and Medicaid. Romney has taken a more cautious approach than his rivals, saying he now opposes privatizations of Social Security in light of stock market volatility in recent years. The debate, centered around America's economic challenges, is also likely to touch on regulation, bailouts, housing and the Occupy Wall Street protests.

It comes less than two months before delegate selection begins in the Republican race with the Jan. 3 Iowa caucuses and the Jan. 10 New Hampshire primary. Candidates with the cash to do so — Romney and Perry each have reported having roughly $15 million — will soon flood the airwaves with television advertising. Perry's struggles with earlier debates shows the CNBC face-off itself could influence the candidates' ability to raise funds and compete.

What's clear is the Republican nominee will face a vulnerable Democratic incumbent whose standing has suffered from slow economic growth and high unemployment. President Barack Obama's approval rating has ticked up in recent days, but remains below the crucial 50 percent mark. The chance to recapture the White House has placed a premium among Republican insiders on finding the most electable challenger — and driven up interest in televised debates.