Obama (cont)
$250K salaries +, pay Clinton rates
we can't afford anything else
97% of small businesses would not get increased rates on my plan
millionaires and billionaires, Donald Trump is a small business under his plan
that approach will not grow our economy
it will either blow up our deficit, burden the middle class, or we must stop to invest in things we want
Jim Leher
we are way over time, eff it this is pretty good
Romney-
I don't want to cost jobs, the tax rates on small businesses have to come down.
You want to raise it from 35 to 40%!
Obama-
If you believe we can cut taxes by $5 trillion
and add $2 trillion the military isn't asking for
more than our entire defense budget
without picking up the tab, then Romney is your guy
We've tried that approach. That is the same sales pitch made in 2001 and 2003
we had slow jobs growth, we went from surplus to deficit, we had a crash
He's Bush, I'm Clinton
Jim Leher-
I have no control of this debate
Romney-
$5 trillion is not my plan
bring down deductions, redemptions, etc.
Obama-
ok
Leher-
Alright
Roney-
Food stamps! slow growth!
Leher-
you go first Romney how do we tackle the deficit
Romney-
moral issue, knowing the burden is passed on to next generation
they will pay principle and the interest
raise taxes, decrease spending, increase growth
he wants to raise taxes
I want to
is it worth borrowing from China?
repeal Obamacare, combine agencies/deptartments, stop subsidy for PBS! (LOL)
Obama-
$1 trillion deficit greeted me in office
credit card spending on 2 wars, tax cuts and a recession
let's make sure we are cutting things that don't make us grow
77 programs were cut
18 government programs for education
medical fraud in medicare and medicaid saved $50 billion in waste overall
$1 trillion in discretionary domestic budget
I put forward a $4 trillion reduction plan, it is specific, on a website
$2.50 in every cut, $1 additional revenue from rich people
Bowles-Simpson, bipartisan commission said some revenue, some spending cuts
Romney was asked $10 of spending cuts for $1 of revenue and he said no
if you take an unbalanced approach you will take a 30% cut for kids with disabilities and seniors
Leher-
do you support Simpson-Bowles
Romney-
you said you'd cut the deficit, why didn't you do it?
you have been president 4 years
we still have deficits, you aren't getting the job done
you said I'm not going to raise taxes because the economy is growing slow
well the economy is growing more slowly, do you still believe that?
your plan will kill 700,000 jobs
Leher-
revenue in addition to cuts
Obama-
he's ruled out revenue
Romney-
completely
you will never balance the budget raising taxes
42% of our economy on government in Spain, we do the same
I don't want to be Spain
Obama-
not just individual taxes
we can make changes that would help the economy
oil industry gets $4 billion in corporate welfare
does anyone think Exxon-Mobil need that?
tax breaks for corporate jet? no, pay full freight
Romney says he wants to close loopholes and deductions
he won't ID them, I want to do that, but I've said which ones I want to do
you can take a tax deduction for moving a factory overseas!
so we can raise some of this revenue to help schools and educate our kids
budgets reflect our choices
no revenue means we have to cut, the magnitude of the tax cuts means severe hardship for people and no growth
30% cut in medicaid may not seem like a big deal on paper
but governors aren't creative enough to help a family with autism