Romney says the election is about the course of America and these paths lead in very different directions. Romney says that if he is elected, 12 million jobs will be created. Romney says that he will restore cuts to Medicare and will not cut the military.
Obama describes Americans that inspire him -- people that are building America. Obama says all Americans must play by the same rules. Obama says he will fight for all the American people in a second term.
Closing Statements begin.
Obama says he will take ideas from anyone as long as they benefit the middle class. Obama says that leaders must have a plan. Obama says that leaders must also be able to say no.
Romney says he would work with the Democrats from day one. Says he met on Mondays as a governor.
Romney says that if the $90 billion spent on green energy was spent on education it would have funded 2 million teachers. Romney says that schools be more competitive.
Obama says, "... budgets reflect choices." Obama says he cut banks out as a middleman from the school loan program to make colleges more affordable.
Romney wants the students getting federal dollars to be able to attend the school of their choice. Let the parents decide where their children attend school.
Romney says the Constitution and Declaration of Independence define the purposes of government. Romney quotes the Declaration saying that our rights come from our Creator.
Romney says that right now we have a trickle down from government approach that is not working.
Obama says he has tried to reform schools that are not working and 46 states have made reforms.
The candidates now debate the role of the federal government.
Romney says that alternatives to simplify the tax code and Obama violates the 10th Amendment.
Obama says Romney won't tell how his plans will work. That Romney is keeping them a secret. Obama says that his plans have benefited small businesses.
Romney says private enterprise is more efficient than government and says Mayo Clinic is an excellent example.
Obama says that doctors can be paid based on performance and not the number of people treated. Obama says that repealing Obamacare will eliminate coverage for people with pre-existing conditions.
Obama says this unelected board will determine how to reduce costs overall. Obama says there are ways to make health care more efficient by doing smart things.
Romney says that Obamacare was passed without a single Republican vote and wasn't bipartisan. Also Romney says his plan didn't raise taxes,cut Medicare or put a board in place to determine what health care is available.
Obama says that insurance companies have arbitrary limits. His plan allows parents to keep kids on their plans until their kids are 26. Obama says Obamacare provides group plans that offer cheaper costs. Obama says Romney did a good job on health care in Massachusettes.
Romney says Obamacare is too expensive, a board determines what care is available, it hurts employment. "It has killed jobs." Romney says as governor his plan was crafted on the state level.
Now the candidates discuss Obamacare.
Romney says that Dodd-Frank didn't define a qualified mortgage. Sometimes there needs to be clear regulations.
Obama says that Romney wants overturn Dodd-Frank.
Is there too much regulation?
Romney says regulation is excessive and outdated in some areas. An example is Dodd-Frank that makes some banks too big to fail.
Obama says that government run health care programs are cheaper than private run programs because of the profit requirement for private plans.
Romney says that younger Americans should be able to choose between two plans: government managed or private plan for health care. Romney wants to allow competition in health care.
Obama says if Obamacare is repealed, seniors will pay more for health care.
Obama says that for future Americans Romney will turn Social Security will become a voucher program.
Romney says changes in Social Security will need to be made for future retirees but not present retirees. Romney says he can't understand Obama's cuts in Medicare.
The candidates are now discussing entitlements.
Obama says, "Social Security is structurally sound." Obama says that the cost of Medicare will need to be reduced.
Romney says Obama picks the losers in the green industry such as Solyndra. Romney describes Tommy Thompson's plan for states to manage Medicare rather than the federal government tell them how to run the program.
Obama wants to remove loopholes involving corporate jets and oil companies. Obama describes a classroom using ten-year old textbooks and students sitting on the floor.
Romney says the small business taxed as individuals will be hurt by Obama's plan. Romney says America will never balance its budget by raising taxes.
Obama says that the economy he inherited was bad because of tax cuts and wars. Obama says his administration has saved millions of dollars going after medicare and medicaid fraud. Obama says he has a $4 trillion plan for reducing the debt.
Romney says he will get rid of Obamacare and PBS, and make agencies more efficient and reduce through attrition.
Romney says that a study shows that Obama's plan will cost 700,000 jobs.
Obama says he wants to increase taxes for people earning $250,000 or more. Obama says they have different definitions for small business. Obama says that according to Romney's view, Donald Trump is a small businessmen.
Romney says Obama is misrepresenting his plan. Romney says his plan is about jobs and these tax cuts will help small business owners.
Obama says he cut taxes for the middle class and these Americans had more to spend. Obama says that Romney is calling for a $5 trillion upset. Obama says if the loopholes are removed that Romney's plan will not pay for itself.
Romney says that middle income Americans are hurting. Romney says he will support clean coal and wants America to be energy independent.
Obama says America must invest in wind and other cleaner fuel sources. Obama says that America must invest in education and reduce the national debt. Obama says his policies have increased oil and gas production.
PM Welcome to tonight's CP debate coverage.
The first question from tonight's debate: What are the major differences between the two of you about creating new jobs?
Obama congratulates his Michelle on the anniversary of their relationship. Then Obama says that Mitt Romney's tax proposals will cut taxes on the wealthy.
Mitt Romney outlines 5 steps to creating new jobs. Romney describes Obama's plan as trickle down government.