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October 4, 2012

Obama, Romney clash on economy in first debate

DENVER (AP) — In a showdown at close quarters, President Barack Obama and Republican Mitt Romney sparred aggressively in their first campaign debate Wednesday night over taxes, deficits and strong steps needed to create jobs in a sputtering national economy. “The status quo is not going to cut it,” declared the challenger.

Obama in turn accused his rival of seeking to “double down” on economic policies that actually led to the devastating national downturn four years ago.

Both men made frequent references to the weak economy and high national unemployment, by far the dominant issue in the race for the White House. Public opinion polls show Obama with a slight advantage in key battleground states and nationally, and Romney was particularly aggressive, like a man looking to shake up the campaign with a little less than five weeks to run.

Polite but pointed, the two men agreed about little if anything.

Obama said his opponent’s plan to reduce all tax rates by 20 percent would cost $5 trillion and benefit the wealthy at the expense of middle income taxpayers.

Shot back Romney: “Virtually everything he just said about my tax plan is inaccurate.”

The former Massachusetts governor and businessman added that Obama’s proposal to allow the expiration of tax cuts on upper-level income would mean tax increases on small businesses that create jobs by the hundreds of thousands.

The two campaign rivals clasped hands and smiled as they strode onto the debate stage at the University of Denver, then waved to the audience before taking their places behind identical lecterns.

There was a quick moment of laughter, when Obama referred to first lady Michelle Obama as “sweetie” and noted it was their 20th anniversary.

Romney added best wishes, and said to the first couple, “I’m sure this is the most romantic place you could imagine, here with me.”

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