Obama and Romney fight about US economy at debate


  • Business
  • Thursday, 04 Oct 2012

DENVER: Mitt Romney accused President Barack Obama on Wednesday of promoting "trickle-down government" policies that are burdening the U.S. economy, as the Republican candidate sought to use a high-stakes debate to right his struggling campaign before the November 6 presidential election.

As polls showed Obama with a slight edge among voters, Romney was the aggressor from the start of a 90-minute encounter between the two rivals at the University of Denver.

Appearing poised as he stood side-by-side with Obama for the first time, Romney zeroed in on weak economic growth and 8.1 percent unemployment that has left Obama vulnerable in his effort to win a second four-year term.

"Now, I'm concerned that we're on the path that's just been unsuccessful. The president has a view very similar to the one he had when he ran for office four years go, that spending more, taxing more, regulating more, if you will, trickle-down government would work. That's not the right answer for America," Romney said.

The incumbent Democrat was quick to put Romney on the defensive about his proposals for overhauling the U.S. tax system.

Obama said Romney was promoting the same kind of tax cut proposals that former President George W. Bush pushed through Congress in 2001 and 2003.

"We ended up moving from surpluses to deficits and it all culminated with the worst recession since the Great Depression," said Obama.

ROMNEY NEEDS VICTORY MORE

Romney was in need of a victory at the debate to help him put his campaign back on a positive footing after a rocky few weeks.

The former Massachusetts governor was damaged by a hidden-camera videotape in which he said 47 percent of voters were dependent on government and unlikely to support him.

Obama, holding a slight edge in national polls and leading Romney in some swing states where the election will be decided, was looking in the debate to do avoid harming his position as the apparent front-runner.

The debate moderated by PBS anchor Jim Lehrer was the best opportunity to date to reach large numbers of voters in an unfiltered way, with an estimated television audience of 60 million possible.

Both men have been under pressure to provide more specific details on how to get America's economy surging again after a prolonged recovery from recession.

Obama charged that Romney's plan to reduce income taxes by 20 percent across the board and eliminate some tax deductions would leave middle-class Americans paying more taxes, an allegation that Romney vociferously denied.

"The fact is that if you are lowering the rates the way you described, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class. It's - it's math. It's arithmetic," Obama said.

Replied Romney, "Virtually everything he said about my tax plan is inaccurate."

The debate was the first of three such face-offs scheduled in the next four weeks. Biden and Romney's running mate, U.S. Representative Paul Ryan, will also debate once, on October 11. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Business News

Zafrul: Strict MCO remains under phase two of NRP
Govt remains committed to help those adversely affected by pandemic
UK's Morrisons rejects takeover proposal from CD&R
Wall St week ahead - Fed shift causes rally in value stocks to wobble
Bank stocks lurch into ranks of June’s worst as rally unravels
Fernandes: Aviation industry likely to return to normal in 2022
KPower energises global energy, solar market
MEF: Well-coordinated enforcement activities on businesses crucial
Mustapa: 12MP includes National Recovery Plan
Maybank IB clinches top awards at FinanceAsia Country Awards, Alpha SEA

Stories You'll Enjoy


Vouchers