Obama, Romney wrangle over differing tax plans

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Associated Press

Posted on October 3, 2012 at 9:04 PM

Updated Wednesday, Oct 3 at 10:02 PM

DENVER (AP) — President Barack Obama and Republican rival Mitt Romney are sparring in the first presidential debate over their differing approaches to growing the economy.

Obama says that Romney's tax agenda would not reduce the deficit. He says it would include a massive tax cut for the wealthy and more military spending.

The president is citing former President Bill Clinton, suggesting the nation should return to the Clinton-era tax rates he says would lead to economic growth.

Obama says simple "math" and "common sense" show Romney's approach is not a recipe for job growth.

Romney says virtually everything Obama says about his tax plan is inaccurate. Romney says his plan will cut taxes, reduce spending and grow the economy.

Romney says, quote, "I will lower taxes on middle income families."

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