Both are correct in so far as both phrases are often used interchangeably in English. However!!!! it is grammatically correct to say “you and I” (when used as the subject of a sentence). In spoken English (more and more often in written English as well unfortunately) the phrase “you and me” is used as the subject of a sentence.
1st Example (grammatically correct): “You and I are going on vacation and we are going to do nothing but relax”.
2nd Example (ungrammatical and incorrect, but commonly used by English speakers): “You and me are going on vacation and we are going to do nothing but relax”.
The phrase “you and I” can never be used as the object or indirect object of a sentence.
As the object OR AS the indirect object of a sentence an English speaker always uses the phrase “you and me.”
Example (direct object of the sentence)
1) The sparks from the fire hit you and me because we were sitting too near to the fire.
Example (indirect object of the sentence)
2) The man gave you and me $25 to go and have a good meal.
It is TOTALLY incorrect AND UNGRAMMATICAL to say or write:
“The man gave you and I $25 to go and have a good meal. However, I hear people use sentences like this.
I hope this helps you understand the difference.
E para dar uma animada... segue no som de Lady Gaga You and I...