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Obama and Romney clash over economy

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US President Barack Obama and Republican challenger Mitt Romney locked horns over the economy last night in their first televised presidential debate.
Obama and Romney clash over economy

Obama said Romney is backing “top down economics” and plans that favour the wealthy and lead to recession.

He said his rival’s approach to tax cuts was similar to that of President Bush, in the first of three televised debates.

“The approach that Governor Romney’s talking about is the same sales pitch that was made in 2001 and 2003.

“If you think by closing [tax] loopholes and deductions for the well-to-do, somehow you will not end up picking up the tab, then Governor Romney’s plan may work for you,” he said.

“But I think math, common sense, and our history shows us that’s not a recipe for job growth.”

In response, Romney said Obama supported a form of “trickle-down government” with more taxes and regulations, but added “that is not the right answer for America”.

Throughout the 90-minute debate, Romney attempted to portray Obama as a big- government Democrat, while Obama said his challenger’s proposals favoured the rich at the expense of the middle class.

Obama, who has had the edge in recent polls, also repeatedly pushed Romney to detail his plans for replacing current economic programmes and described his approach to deficit reduction as “unbalanced”.

On healthcare, Romney said the ‘Obamacare’ reform law of 2010 had increased health costs and kept small businesses from hiring.

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