US Debate 2012 Obama and Romney-Transcript

7/30/2019 US Debate 2012 Obama and Romney-Transcript

1/44

EnlargeMichael Reynolds/Getty Images

President Obama and GOP presidential nominee Mitt Romney face off during the

presidential debate at the University of Denver on ednesday as moderator !im

"ehrer loo#s on$

te%t si&e AAAOctober 3, 2012

Transcript of the first presidential debate between President Obama and Republican

nominee Mitt Romney, moderated by Jim ehrer of P!", Oct# 3, 2012, in $en%er#

"ource& 'ederal (ews "er%ice

JIM LEHRER:Good evening from the Magness 'rena at the University of Denver in

Denver( )olorado$ I*m !im "ehrer of the P+, -e.sour( and I .elcome you to the firstof the 0120 presidential debates bet.een President +arac# Obama( the Democratic

nominee( and former Massachusetts Governor Mitt Romney( the Republican nominee$

3his debate and the ne%t three 4 t.o presidential( one vice5 presidential 4 are

sponsored by the )ommission on Presidential Debates$

3onight*s 61 minutes .ill be about domestic issues( and .ill follo. a format designed

by the commission$ 3here .ill be si% roughly 275minute segments( .ith t.o5minute
http://blog.fednews.com/presidential-debate-2012/http://blog.fednews.com/presidential-debate-2012/


2/44

ans.ers for the first 8uestion( then open discussion for the remainder of each

segment$

3housands of people offered suggestions on segment sub9ects of 8uestions via the

Internet and other means( but I made the final selections( and for the record( they .ere

not submitted for approval to the commission or the candidates$

3he segments( as I announced in advance( .ill be three on the economy and one each

on health care( the role of government( and governing( .ith an emphasis throughout

on differences( specifics and choices$ +oth candidates .ill also have t.o5minute

closing statements$

3he audience here in the hall has promised to remain silent$ -o cheers( applause(

boos( hisses 4 among other noisy distracting things 4 so .e may all concentrate on

.hat the candidates have to say$ 3here is a noise e%ception right no.( though( as .e

.elcome President Obama and Governor Romney$ :)heers( applause$;

Gentlemen( .elcome to you both$

"et*s start the economy( segment one$ 'nd let*s begin .ith 9obs$ hat are the ma9or

differences bet.een the t.o of you about ho. you .ould go about creating ne. 9obsF of them housed in the federal government( reporting to

eight different agencies$ Overhead is over.helming$ e got to get those dollars bac#


6/44

to the states and go to the .or#ers so they can create their o.n path.ays to getting

the training they need for 9obs that .ill really help them$

3he second area ta%ation$ e agree@ .e ought to bring the ta% rates do.n( and I do(

both for corporations and for individuals$ +ut in order for us not to lose revenue( have

the government run out of money( I also lo.er deductions and credits and e%emptions

so that .e #eep ta#ing in the same money .hen you also account for gro.th$

3he third area energy$ Energy is critical( and the president pointed out correctly that

production of oil and gas in the U$,$ is up$ +ut not due to his policies$ In spite of his

policies$ Mr$ President( all of the increase in natural gas and oil has happened on

private land( not on government land$ On government land( your administration has cut

the number of permits and license in half$ If I*m president( I*ll double them$ 'nd also get

the 4 the oil from offshore and 'las#a$ 'nd I*ll bring that pipeline in from )anada$

'nd by the .ay( I li#e coal$ I*m going to ma#e sure .e continue to burn clean coal$People in the coal industry feel li#e it*s getting crushed by your policies$ I .ant to get

'merica and -orth 'merica energy independent( so .e can create those 9obs$

'nd finally( .ith regards to that ta% cut( loo#( I*m not loo#ing to cut massive ta%es and

to reduce the 4 the revenues going to the government$ My 4 my number one

principle is there*ll be no ta% cut that adds to the deficit$

I .ant to underline that 4 no ta% cut that adds to the deficit$ +ut I do .ant to reduce

the burden being paid by middle5income 'mericans$ 'nd I 4 and to do that that alsomeans that I cannot reduce the burden paid by high5income 'mericans$ ,o any 4 any

language to the contrary is simply not accurate$

MR. LEHRER:Mr$ President$

PRESIDENT OBAMA:ell( I thin# 4 let*s tal# about ta%es because I thin# it*s

instructive$ -o.( four years ago .hen I stood on this stage I said that I .ould cut ta%es

for middle5class families$ 'nd that*s e%actly .hat I did$ e cut ta%es for middle5class

families by about C?(B11$ 'nd the reason is because I believe .e do best .hen the

middle class is doing .ell$

'nd by giving them those ta% cuts( they had a little more money in their poc#et and so

maybe they can buy a ne. car$ 3hey are certainly in a better position to .eather the

e%traordinary recession that .e .ent through$ 3hey can buy a computer for their #id

.ho*s going off to college( .hich means they*re spending more money( businesses

have more customers( businesses ma#e more profits and then hire more .or#ers$


7/44

-o.( Governor Romney*s proposal that he has been promoting for 2 months calls for

a C7 trillion ta% cut on top of C0 trillion of additional spending for our military$ 'nd he is

saying that he is going to pay for it by closing loopholes and deductions$ 3he problem

is that he*s been as#ed a 4 over a hundred times ho. you .ould close those

deductions and loopholes and he hasn*t been able to identify them$

+ut I*m going to ma#e an important point here( !im$

MR. LEHRER:'ll right$

PRESIDENT OBAMA:hen you add up all the loopholes and deductions that upper

income individuals can 4 are currently ta#ing advantage of 4 if you ta#e those all

a.ay 4 you don*t come close to paying for C7 trillion in ta% cuts and C0 trillion in

additional military spending$ 'nd that*s .hy independent studies loo#ing at this said the

only .ay to meet Governor Romney*s pledge of not reducing the deficit 4 or 4 or 4

or not adding to the deficit( is by burdening middle5class families$

3he average middle5class family .ith children .ould pay about C0(111 more$ -o.(

that*s not my analysis@ that*s the analysis of economists .ho have loo#ed at this$ 'nd

4 and that #ind of top 4 top5do.n economics( .here fol#s at the top are doing .ell so

the average person ma#ing ? million buc#s is getting a C071(111 ta% brea# .hile

middle5 class families are burdened further( that*s not .hat I believe is a recipe for

economic gro.th$

MR. LEHRER:

'll right$ hat is the difference(111 on 4 on middle5income families$ 3here are all these studies out there$

+ut let*s get to the bottom line$ 3hat is( I .ant to bring do.n rates$ I .ant to bring do.n

the rates do.n( at the same time lo.er deductions and e%emptions and credits and so

forth so .e #eep getting the revenue .e need$

'nd you thin#( .ell( then .hy lo.er the rates< 'nd the reason is because small

business pays that individual rate$ Aifty5four percent of 'merica*s .or#ers .or# inbusinesses that are ta%ed not at the corporate ta% rate but at the individual ta% rate$

'nd if .e lo.er that rate( they .ill be able to hire more people$

Aor me( this is about 9obs$

MR. LEHRER:'ll right$ 3hat*s .here .e started$

MR. ROMNEY:3his is about getting 9obs for the 'merican people$

MR. LEHRER:=eah$

Do you challenge .hat the governor 9ust said about his o.n plan0 percent of our economy on government$

I don*t .ant to go do.n the path to ,pain$ I .ant to go do.n the path of gro.th that

puts 'mericans to .or#( .ith more money coming in because they*re .or#ing$

MR. LEHRER:=eah$

+ut Mr$ President( you*re saying in order to get it 4 the 9ob done( it*s got to be

balanced$ =ou*ve got to have 4

PRESIDENT OBAMA:If .e*re serious( .e*ve got to ta#e a balanced( responsible

approach$ 'nd by the .ay( this is not 9ust .hen it comes to individual ta%es$

"et*s tal# about corporate ta%es$ -o.( I*ve identified areas .here .e can( right a.ay(

ma#e a change that I believe .ould actually help the economy$ 3he 4 the oil industry

gets C> billion a year in corporate .elfare$ +asically( they get deductions that those

small businesses that Governor Romney refers to( they don*t get$ -o.( does anybody

thin# that E%%onMobil needs some e%tra money .hen they*re ma#ing money every

time you go to the pump< hy .ouldn*t .e .ant to eliminate that


17/44

hy .ouldn*t .e eliminate ta% brea#s for corporate 9ets< My attitude is if you got a

corporate 9et( you can probably afford to pay full freight( not get a special brea# for it$

hen it comes to corporate ta%es( Governor Romney has said he .ants to( in a

revenue5neutral .ay( close loopholes( deductions 4 he hasn*t identified .hich ones

they are 4 but thereby bring do.n the corporate rate$ ell( I .ant to do the same

thing( but I*ve actually identified ho. .e can do that$

'nd part of the .ay to do it is to not give ta% brea#s to companies that are shipping

9obs overseas$ Right no. you can actually ta#e a deduction for moving a plant

overseas$ I thin# most 'mericans .ould say that doesn*t ma#e sense$ 'nd all that

raises revenue$

'nd so if .e ta#e a balanced approach( .hat that then allo.s us to do is also to help

young people( the .ay .e already have during my administration( ma#e sure that they

can afford to go to college$ It means that the teacher that I met in "as egas( .onderfulyoung lady( .ho describes to me 4 she*s got >0 #ids in her class$

3he first t.o .ee#s( she*s got them 4 some of them sitting on the floor until finally they

get reassigned$ 3hey*re using te%tboo#s that are 21 years old$ 3hat is not a recipe for

gro.th@ that*s not ho. 'merica .as built$

'nd so budgets reflect choices$ Ultimately .e*re going to have to ma#e some

decisions$ 'nd if .e*re as#ing for no revenue( then that means that .e*ve got to get rid

of a .hole bunch of stuff( and the magnitude of the ta% cuts that you*re tal#ing about(Governor( .ould end up resulting in severe hardship for people( but more importantly(

.ould not help us gro.$

's I indicated before( .hen you tal# about shifting Medicaid to states( .e*re tal#ing

about potentially a 4 a ?1 4 a ?1 percent cut in Medicaid over time$ -o.( you #no.(

that may not seem li#e a big deal .hen it 9ust is 4 you #no.( numbers on a sheet of

paper( but if .e*re tal#ing about a family .ho*s got an autistic #id and is depending on

that Medicaid( that*s a big problem$ 'nd governors are creative$ 3here*s no doubt

about it$ +ut they*re not creative enough to ma#e up for ?1 percent of revenue onsomething li#e Medicaid$ hat ends up happening is some people end up not getting

help$

MR. ROMNEY:!im( let*s 4 .e 4 .e*ve gone on a lot of topics there( and 4 so I*ve

got to ta#e 4 it*s going to ta#e a minute to go from Medicaid to schools to 4

PRESIDENT OBAMA::Inaudible$;


18/44

MR. LEHRER:)ome bac# to Medicaid( here( yeah( yeah( right$

MR. ROMNEY:4 oil to ta% brea#s and companies overseas$ ,o let*s go through them

one by one$ Airst of all( the Department of Energy has said the ta% brea# for oil

companies is C0$ billion a year$ 'nd it*s actually an accounting treatment( as you

#no.( that*s been in place for a hundred years$ -o. 4

PRESIDENT OBAMA:It*s time to end it$

MR. ROMNEY:'nd 4 and in one year( you provided C61 billion in brea#s to the green

energy .orld$ -o.( I li#e green energy as .ell( but that*s about 71 years* .orth of .hat

oil and gas receives( and you say E%%on and Mobil 4 actually( this C0$ billion goes

largely to small companies( to drilling operators and so forth$

+ut you #no.( if .e get that ta% rate from ?7 percent do.n to 07 percent( .hy( that

C0$ billion is on the table$ Of course it*s on the table$ 3hat*s probably not going to

survive( you get that rate do.n to 07 percent$

+ut 4 but don*t forget( you put C61 billion 4 li#e 71 years .orth of brea#s 4 into solar

and .ind( to 4 to ,olyndra and Ais#er and 3esla and Ener2$ I mean( I 4 I had a friend

.ho said( you don*t 9ust pic# the .inners and losers@ you pic# the losers$ 'll right< ,o

4 so this is not 4 this is not the #ind of policy you .ant to have if you .ant to get

'merica energy5secure$

3he second topic( .hich is you said you get a deduction for getting a plant overseas$

"oo#( I*ve been in business for 07 years$ I have no idea .hat you*re tal#ing about$ I

maybe need to get a ne. accountant$

MR. LEHRER:"et*s 4

MR. ROMNEY:+ut the 4 the idea that you get a brea# for shipping 9obs overseas is

simply not the case$

MR. LEHRER:"et*s have 4

MR. ROMNEY:hat .e do have right no. is a setting 4

MR. LEHRER:E%cuse me$

MR. ROMNEY:4 .here I*d li#e to bring money from overseas bac# to this country$

'nd finally( Medicaid to states( I*m not 8uite sure .here that came in( e%cept this(

.hich is( I .ould li#e to ta#e the Medicaid dollars that go to states and say to a state(


19/44

you*re going to get .hat you got last year plus inflation 4 inflation 4 plus 2 percent$

'nd then you*re going to manage your care for your poor in the .ay you thin# best$

'nd I remember as a governor( .hen this idea .as floated by 3ommy 3hompson( the

governors( Republican and Democrats( said( please let us do that$ e can care for our

o.n poor in so much better and more effective a .ay than having the federal

government tell us ho. to care for our poor$

,o let states 4 one of the magnificent things about this country is the .hole idea that

states are the laboratories of democracy$ Don*t have the federal government tell

everybody .hat #ind of training programs they have to have and .hat #ind of Medicaid

they have to have$ "et states do this$

'nd by the .ay( if a states get 4 gets in trouble( .hy( .e could step in and see if .e

could find a .ay to help them$ +ut 4

MR. LEHRER:"et*s go$

MR. ROMNEY:+ut 4 but the right 4 the right approach is one .hich relies on the

brilliance 4

MR. LEHRER:3.o seconds$

MR. ROMNEY:4 of our people and states( not the federal government$

MR. LEHRER:3.o seconds and .e*re going on( still on the economy on another 4but another part of it$

PRESIDENT OBAMA:O$

MR. LEHRER:'ll right< 'll right( this is this is segment three( the economy(

entitlements$

Airst ans.er goes to you$ It*s t.o minutes$ Mr$ President( do you see a ma9or difference

bet.een the t.o of you on ,ocial ,ecurity million people on Medicare 'dvantage that .ill lose Medicare

'dvantage because of those CF2B billion in cuts$ I can*t understand ho. you can cut

Medicare CF2B billion for current recipients of Medicare$

-o.( you point out( .ell( .e*re putting some bac#@ .e*re going to give a better

prescription program$ 3hat*s one 4 that*s C2 for every 27 :dollars; you*ve cut$ 3hey*re

smart enough to #no. that*s not a good trade$

I .ant to ta#e that CF2B billion you*ve cut and put it bac# into Medicare$ +y the .ay( .e

can include a prescription program if .e need to improve it( but the idea of cutting

CF2B billion from Medicare to be able to balance the additional cost of HObamacareH is(

in my opinion( a mista#e$ 'nd .ith regards to young people coming along( I*ve got

proposals to ma#e sure Medicare and ,ocial ,ecurity are there for them .ithout any

8uestion$

MR. LEHRER:Mr$ President$

PRESIDENT OBAMA:Airst of all( I thin# it*s important for Governor Romney to present

this plan that he says .ill only affect fol#s in the future$ 'nd the essence of the plan is

that he .ould turn Medicare into a voucher program$ It*s called premium support( but

it*s understood to be a voucher program$ is running mate 4

MR. LEHRER:'nd you 4 and you don*t support that or 77( you might

.ant to listen( because this 4 this .ill affect you$ 3he idea( .hich .as originally

presented by )ongressman Ryan( your running mate( is that .e .ould give a voucher

to seniors( and they could go out in the private mar#etplace and buy their o.n health

insurance$ 3he problem is that because the voucher .ouldn*t necessarily #eep up .ith

health care inflation( it .as estimated that this .ould cost the average senior about

CB(111 a year$

-o.( in fairness( .hat Governor Romney has no. said is he*ll maintain traditional

Medicare alongside it$ +ut there*s still a problem( because .hat happens is those

insurance companies are pretty clever at figuring out .ho are the younger and

healthier seniors$

3hey recruit them leaving the older( sic#er seniors in Medicare$ 'nd every health care

economist .ho loo#s at it says over time .hat*ll happen is the traditional Medicare

system .ill collapse$ 'nd then .hat you*ve got is fol#s li#e my grandmother at the

mercy of the private insurance system( precisely at the time .hen they are most in

need of decent health care$

,o I don*t thin# vouchers are the right .ay to go$ 'nd this is not my o.n 4 only my

opinion$ ''RP thin#s that the 4 the savings that .e obtained from Medicare bolster

the system( lengthen the Medicare trust fund by years$ +enefits .ere not affected at

all and ironically if you repeal HObamacareH 4 and I have become fond of this term(

HObamacareH 4 :laughter; 4 if you repeal it( .hat happens is those seniors right a.ay

are going to be paying CB11 more in prescription care$ 3hey*re no. going to have to be

paying copays for basic chec#5ups that can #eep them healthier$

'nd the primary beneficiary of that repeal are insurance companies that are estimated

to gain billions of dollars bac# .hen they aren*t ma#ing seniors any healthier$ 'nd I 4 I

don*t thin# that*s right approach .hen it comes to ma#ing sure that Medicare is

stronger over the long term$

MR. LEHRER:e*ll tal# about 4 specifically about health care in a moment( but .hat

is 4 do you support the voucher system( Governor


23/44

MR. ROMNEY:hat I support is no change for current retirees and near5retirees to

Medicare and the president supports ta#ing CF2B billion out of that program$

MR. LEHRER:hat about the vouchers million people .ho .ill lose Medicare advantage$ =ou*ll have

hospitals and providers that*ll no longer accept Medicare patients$

I*ll restore that CF2B billion to Medicare$

'nd finally( military$ If the president*s re5elected( you*ll see dramatic cuts to our military$

3he secretary of defense has said these .ould be even devastating$ I .ill not cut our

commitment to our military$ I .ill #eep 'merica strong and get 'merica*s middle class

.or#ing again$

3han# you( !im$

MR. LEHRER:3han# you( Governor$

3han# you( Mr$ President$

3he ne%t debate .ill be the vice presidential event on 3hursday( October 22th at

)enter )ollege in Danville( entuc#y$ Aor no.( from the University of Denver( I*m !im

"ehrer$ 3han# you( and good night$ :)heers( applause$;

Documents

US Debate 2012 Obama and Romney-Transcript