Malloy fought back, defending his support of paid sick leave for minimum wage workers.
"Tom, if you didn't go to work you would still make millions. Someone who has to rely on $12 an hour should be able to do that," Malloy said.
Millionaire Foley's business background, especially his involvement with the Georgia-based Bibb Company, has been at the center of the negative ads in this campaign and Monday's debate sponsored by the Republican American newspaper.
Another heated exchange came over the death penalty. While Foley supports it, Malloy said he will abolish it in Connecticut if given the chance.
"Dan Malloy is playing with people's lives and emotions. It is also arrogant for someone running for office. He's talking about this personal point of view," Foley said.
"I'm not going to use types of terms that you use to describe me. It's just not true that we have a working statute and Tom, I'm not going to question your faith. I would appreciate it if you don't question mine," Malloy responded.
When asked the biggest mistakes made in their careers, Foley said, "In business, if you can make 60 percent of decisions right and only 40 percent wrong, that's a pretty good ratio."
Malloy blasted Foley's response and said, "A 60 to 40 ratio in government would be a disaster."
Foley repeatedly asked Malloy, "Whose taxes are you going to raise and by how much? And please be specific."
The most specific answer Malloy gave was, "If we have to have a tax increase, it should be done on a progressive basis, but I'm hoping we can avoid it."