President Barack Obama and Mitt Romney went head-to-head about Social Security and economic deregulation (or lack thereof), both presenting widely different plans for each issue - for each other.

Romney's plan to introduce a "voucher system" was clarified to mean that senior could choose between private and public healthcare, saying that he does not to intend to change anything for current seniors, but has to fix the system for young people who will become seniors down the road.

“I believe in a competition,” said Romney, regarding the idea that Social Security should not have only a public option.

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On the other hand, Obama espoused how seniors would immediately pay $600 more in prescriptions if Obamacare was repealed, adding that he had grown "fond" of the term and claiming that the current Medicare system would collapse over time.

"Private insurance has to create a profit," said Obama, trying to explain how Romney's plan would not be financially feasible and that costs would go up if implemented.

The moderator then moved on to financial regulation in the current economy, starting with Romney.

"Regulation is essential - you cannot have free market work without regulation," prefaced Romney. He then went on to explain that he would repeal Dodd Frank - a financial regulatory bill - or at least parts of it due to its specificity regarding the banks being "too big to fail".

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However, Obama countered that deregulation was the reason that the economy had failed in the first place and that repealing Dodd-Frank would simply reverse the progress made.

"[If] anybody out there thinks that there was too much oversight and regulation was the problem, then Governor Romney is your candidate," said Obama. Romney said briefly that he believed the bill was causing problems in the market, and that he did want regulation but not so that it "hurt the functioning of the market."

Read more of Neon Tommy's coverage on the 2012 debate here.

Reach Staff Reporter Nandini Ruparel here.