October 3, 2012 Barack Obama and Mitt Romney Debate "Housekeeping" (02:14)
Jim Lehrer of ABC News welcomes President Barack Obama and former Massachusetts Governor Mitt Romney and explains the debate format and rules.
Job Creation (04:45)
Obama argues for investing in education and training, developing domestic energy, and giving tax credits to small businesses. Romney wants to become energy independent, open Latin American trade, improve education, balance the budget, and supporting small businesses. They disagree on the size of government.
Tax Plans (03:42)
Obama outlines a plan to improve education and advocates lowering corporate tax rates and boosting domestic energy production. He questions Romney’s plan to cut taxes by $5 trillion. Romney denies those numbers and accuses Obama of an “economy tax" crushing the middle class.
Middle Class Tax Rate (06:07)
Romney agrees with Obama on education, corporate tax rates, and domestic energy production, and promises his tax cut won’t add to the deficit. Obama claims that Romney’s plan will raise middle class taxes; Romney denies it and says he won’t cut high income tax rates.
Small Business Tax Rate (07:31)
Obama argues for going back to Clinton-era high income tax rates to reduce the deficit and increase jobs. Romney says that Obama would raise rates on the 3% of small businesses that employ 25% of Americans. Obama says Romney’s $5 trillion tax cut is illogical; Romney says lowering deductions, exemptions, and credits will keep revenues constant.
Reducing the Federal Deficit (05:28)
Romney proposes cutting all spending that doesn't require borrowing from China. He'd assign federal programs to the state and increase government efficiency. Obama explains that the Bush Administration created the deficit, discusses programs he's cut, and outlines a $4 trillion deficit reduction plan.
Raising Revenue (05:49)
Romney criticizes Obama for failing to cut the deficit, says raising taxes would kill jobs, and argues for increasing revenue by increasing jobs. Obama says revenue is necessary to balance the budget, describes closing corporate loopholes, and objects to state-run Medicaid.
Corporate Tax Breaks (02:37)
Romney says Obama has given a $90 billion tax break to failing green energy companies, denies that corporations are given incentives to move jobs overseas, and advocates state-run Medicaid.
Entitlement Programs (04:45)
Obama has reduced Medicare costs by not overpaying providers, and used that money to lower senior prescription drug costs. Romney says cutting rates across the board is causing hospitals and doctors to refuse Medicare patients, and says the policy is offsetting Obamacare costs.
Obama says Romney‘s voucher program for seniors to buy private insurance would collapse Medicare, and insurance companies would profit from repealing Obamacare. Romney wants recipients to have a private plan option and advocates lowering benefits for higher income people to save the system.
Financial Regulation (05:14)
Romney argues regulation is excessive under Obama, and opposes having banks "too big to fail." Obama defends Dodd-Frank as stopping risky Wall Street behavior, and says banks are paying back bailouts. Romney says confusing “qualified mortgage” language is hurting the housing market.
Affordable Care Act (05:01)
Romney says that Obamacare is costing families $2500 more annually, taking funds from Medicare, and discouraging small businesses from hiring. Obama says his plan has retained policy and doctor choices, protected participants from insurance company abuse, and resembles Romney’s Massachusetts system.
Lowering Healthcare Costs (05:24)
Romney criticizes Obama for passing the ACA without bipartisan support and says it raises taxes, cuts Medicare, and causes people to lose policies. Obama argues the alternative is leaving Americans uninsured, and outlines ways that experts are increasing healthcare efficiency.
Alternative to Obamacare (06:17)
Romney argues that private competition will lower healthcare costs, and that the government shouldn’t mandate treatments. Obama says Romney's plan wouldn't cover people with preexisting conditions. Romney says he would work across the aisle to relieve middle class tax burdens, and advocates state run healthcare systems.
Federal Government Role (05:05)
Obama believes the government should protect Americans, create opportunities, promote freedom and free enterprise, and invest in education. Romney believes the government should protect the Constitution through military strength, religious freedom, and individual rights.
Federal Government and Education (05:58)
Romney proposes having disadvantaged families control their federal aid and grading schools to make them more competitive. Obama criticizes Romney’s plan to cut education funding and highlights successes in college job training programs and reduced student loan rates. Romney says the Massachusetts school system proves his commitment to education.
Partisan Gridlock (04:05)
Romney says he's worked across the aisle in Massachusetts, and would find common ground with Democrats in Congress. Obama says he works with both sides to strengthen the middle class and cites bipartisan successes.
Closing Statement: President Barack Obama (02:22)
Obama promises to keep fighting for the middle class, improving education, developing domestic energy, keeping jobs in America, and balancing the federal budget.
Closing Statement: Governor Mitt Romney (02:40)
Romney says he'll increase middle class incomes, create jobs, replace Obamacare with state programs, refrain from Medicare cuts, and refrain from military cuts. Jim Lehrer thanks the candidates and announces the next debate.
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