President Barack Obama and Republican presidential nominee Mitt Romney sparred over taxes and their plans to turn the economy around Wednesday in the first of three debates leading up to the Nov. 6 election.
Throughout the night in Denver, Obama emphasized progress he made during his first term in the White House and warned the nation that his opponent would double down on the policies that sparked the ongoing economic downturn.
“The question here tonight is not where we’ve been, but where we are going," Obama said.
However, Romney stressed the need for a change to the status quo, promising to create 12 million new jobs if elected.
“We know the path we’re taking is not working,” Romney said. “It’s time for a new path.”
Obama repeatedly criticized Romney’s tax plan, which the president said would cut taxes by $5 trillion for the wealthiest Americans, placing a greater burden on the middle class and further increase the federal deficit.
“Math, common sense, and our history shows us that’s not a recipe for job growth,” Obama said.
But Romney rebutted the President’s statement, saying that while he would not increase taxes on high-income earners, as Obama proposed, he would reduce overall tax rates for individuals and small businesses and pay for it by closing certain loopholes.
“I won’t put in place a tax cut that adds to the deficit,” Romney pledged.
Obama also defended his signature health care law, the Affordable Care Act, arguing that it will continue to control health care costs while ensuring coverage for tens of millions of Americans.
“The irony is, we've seen this model work really well–in Massachusetts,” Obama said, referring to the health care law Romney signed as governor of the state.
Romney said he would keep in place provisions of the A.C.A. that allow young people to remain on their parents’ insurance until age 26 and force insurance companies to cover pre-existing conditions, but vowed to otherwise replace the law with a cheaper option that grants more power to the states.
“It's expensive. Expensive things hurt families,” Romney said of “Obamacare.”
The next two presidential debates will take place Oct. 16 in New York and Oct. 22 in Florida.
