–Republican Challenger Attacks President Obama’s Economic Stewardship
–Obama Says Romney’s Deep Tax Cuts Would Worsen Deficit
–VP Biden, Rep. Ryan To Debate Next Week; Obama and Romney Again Oct 16

By John Shaw

WASHINGTON (MNI) – In their first debate Wednesday evening,
President Obama and Republican presidential nominee Mitt Romney offered
sharply different plans to cut the budget deficit, overhaul the tax
code, and revive a weak economy.

In the 90-minute debate in Denver, Romney eagerly embraced the role
of the attacker, blasting Obama for weak economic leadership and lax
fiscal policy.

“You’ve been president four years. You said you’d cut the deficit
in half. It’s now four years later. We still have trillion dollar
deficits,” Romney said.

“We know that the path we’re taking isn’t not working. It’s time
for a new path,” Romney said.

Obama’s response to Romney’s critique was mild, even tepid.

“We’ve begun to fight our way back. But we all know that we’ve
still got a lot of work to do, so the question here tonight is not where
we’ve been, but where we’re going,” Obama said.

The president assailed Romney’s tax plan which calls for reducing
the tax rates for all Americans by 20%, saying it would slash revenues
by $5 trillion over a decade.

This estimate comes from a study by the Tax Policy Center.

Romney said this report was biased and inaccurate. Earlier in the
campaign the Romney campaign praised the research by the same think
tank as credible and authoritative.

“I’m not looking to cut massive taxes and to reduce the revenues
going to the government. My number one principle is there’ll be no tax
cut that adds to the deficit,” Romney said.

Romney also said that he would “absolutely” decline any deficit
reduction package that included new revenues by raising taxes.

“You never balance the budget by raising taxes,” Romney said.

Romney said he supports cutting back on the more than $1 trillion
in annual tax expenditures, but did not identify any specific ones which
he would eliminate. He did say that he might support a cap on tax
deductions for individuals at $25,000 or $50,000 but offered no specific
plan.

During the debate, Obama repeated his call for “balanced” deficit
reduction with tax increases and spending cuts along the lines proposed
by Simpson-Bowles commission.

The debate appeared at times to be more of an intense policy
seminar between two candidates for senator or governor or even two
associate professors jousting in a faculty lounge rather than a
presidential debate in which large themes and assertions of national
leadership are paramount.

Most polls have shown the race between Romney and Obama to be very
close, with the election likely to be decided by the outcome in less
than a dozen swing states.

Most national polls have indicated the president has a narrow
lead over Romney. A composite of national polls by Real Clear Politics
released Wednesday showed Obama with a 49% to 46% lead. It is unclear if
the lead will be affected by Wednesday’s debate.

It appears likely, however, that Romney will get some boost from
the Wednesday debate.

The current state-by-state polling by Real Clear Politics shows
Obama with a 332-to-206 lead in the Electoral College.

Both Obama and Romney and are seeking the 270 electoral votes
needed to secure the presidency on November 6.

Vice President Joe Biden will debate the GOP’s vice presidential
nominee, Congressman Paul Ryan, next Thursday in Danville, Kentucky.

Obama and Romney will debate again on Oct. 16 in Hempstead, New
York, and Oct. 22 in Boca Raton, Florida.

** MNI Washington Bureau: (202) 371-2121 **

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