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Neon Tommy - Annenberg digital news

Obama Attacks Romney's Lack Of Specifics In Tax Cut Plan

Greg Asciutto |
October 3, 2012 | 6:31 p.m. PDT

Staff Reporter

The first debate of the 2012 presidential race has begun at the University of Denver.

The topic of the economy has dominated the first 20 minutes of the discussion.

Moderator Jim Lehrer posed the first question, "What are the major differences between the two of you about how you would go about creating new jobs?"

President Obama began the conversation, citing the gradual comebacks of the housing and auto industries as a promising sign of an improving economy.

"The financial system had frozen up, but because of the resiliency and determination of the American people, we've begun to fight our way back."

Romney rebutted with his five-point plan to increase ecnoomic prosperity: promoting energy independence; increasing trade, specifically with Latin America; making sure people have th skills and schools necessary to succeed; balancing the budget; and championing small business.

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"I will restore the vitality that gets America working again," he said.

Obama emphasized the need to improve the education system, both in the secondary and post-secondary levels, by creating 2 million more positions for community-college students and keeping tuition rates low.

The president then touched upon Romney's "$5-trillion" in proposed tax cuts, which drew a defensive response from his competitor.

"First of all, I don't have a tax cut of the scale you're talking about."

ALSO SEE: Obama Fond Of Term "Obamacare": Recapping Third Portion Of Debate

Mitt Romney did cite his desire to provide tax relief to the middle class, "the people that are having the hardest time right now."

Hikes in gasoline, food and electric prices under the Obama administration are crushing the middle class, he argued.

"We've got to bring the tax rates down, both for corporations and individuals," Obama said.

The president stated that his competitor has promised to achieve these tax cuts by "closing loopholes and deductions" which he has yet to specificially identify.

 

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

Reach Staff Reporter Greg Asciutto here.



 

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