Obama: I do not believe that government creates jobs. I believe in free enterprise and that everyone should have a fair shot. I believe that Romney's a good man. When Romney mentioned the 47 %, who was he talking about. I want to help them.
Romney: I care about the American people and we are all children of the same God. I was a pastor of a church. I can get this country back on track. We do not need to settle for $4 for gas and 23 million people struggling to find a job. We will get on track to get a balanced budget.
Question: What is the biggest misconception that people have about you?
Romney: Government does not create jobs.
Obama: Some of the jobs, low paying jobs, will never come back. If we are not training engineers, these companies will not come here.
Romney: China's been cheating by stealing intellectual property and currency manipuation.
Obama: I want to close loopholes for people that move to China or move offshore. Romney's plan is if you earn income oversees, you are not taxed on that income. Also we must double our exports. Romney's company was a pioneer in outsourcing. Currency rates for China have increased.
Romney: We have made it less attractive to work in America again. That is how we will create jobs. Not by trickle down government. I want to make America the most attractive place in the world for entrepreneurs. China keeps their currency low. They've been a currency manipulator. We could put in place tariffs to make sure people follow the rules. I want to bring down tax rates for companies so they will want to be here. We need to be competitive if we want to compete. Regulators should encourage business.
Question: What plan to you have to keep jobs in America?
Obama: Romney was for an assault ban before he was against it. We agree on the importance of parents and schools. We are seeing gains in math and science. We are retraining workers for the jobs that exist now and giving them access to higher education.
Romney: The Massachusettes gun law was a mutually agreed upon program.
Romney: I am not a support of new gun laws. We need to enforce the laws and change the culture of violence. He mentioned good schools. Parents: We need moms and dads raising their kids. Marriage is a great idea. Poverty goes down dramatically.
The Fast and Furious program operated by the Obama administration allowed thousands of guns to go to drug lords.
Obama: I met a mother whose son was injured in the Aurora shooting. We have to enforce the laws we already have. Weapons designed for war do not belong on our streets. Introduce an assault weapons ban. Working with faith groups we can deal with the problems before they get out of control.
Question: What have you done to keep weapons out of the hands of criminals?
Obama: Hillary Clinton has done an excellent job and she works for me. I said the next day the Libyan attack was terrorist related.
Romney: I feel sympathetic for the families. Many days passed before we were told it was a terrorist attack. On the day following the attack, Obama flyes to Las Vegas for a fundraiser. It was clear this was not a demonstration but an attack by terrorists. Iran is 4 years closer to a nuclear bomb. Syria is a strategic player in the middle east. Obama's strategy is unraveling.
Obama: I informed our team to beef up security, to investigate the people responsible, and bring them to justice. Romney put out a press release and that is not how we deal with these issues. I have to greet those coffins when they come home.
Question: Extra security was denied to our people in Libya.
Obama: People around the world still see America as a land of opportunity. I can deliver with bipartisan support.
Romney: I said the E-verify part was a model for America. We are not going to deport 12 million people. Am in favor of deporting criminals.
Romney says his investments are in a blind trust. Obama, you also have investments in China.
Obama: We are a nation of immigrants. We need to fix a broken immigration system. The first thing we did was reduce the backlog. We put more border patrols in place. If we go after illegals, we should do it smartly and go after criminals. Romney would vote against the Dream Act. Romney said the Arizona law would be a model for America.
Romney: We are a nation of immigrants. We will give green cards to college graduates. I would not give drivers licenses to illegals. The children of illegals should have a pathway for them to become Americans.
Question: What do you plan to do with immigrants working here without a green card working here productively.
If you re-elect Obama, you will get a repeat of the last 4 years. Obama said he will put together a plan to save Social Security but hasn't released a proposal. The middle class is getting crushed by Obama's policies. One in 6 people are in poverty. Today over 40 million are on food stamps. The president wants to do well but his policies have not let the economy grow better.
During the Reagan recession and Reagan's recover more than twice as many jobs were created. A lot of people have dropped out of the workplace. 23 million Americans are not at work.
Obama: Bin Laden is dead. We implemented health care reform and saved automotive jobs. The commitments I've made, I've kept. Romney's made some committments and he will keep them too. Obamacare is the same program that Romneycare is but Romney will end it.
Question: President, what have you done in the past four years.
Obama: Romney's invested in companies that outsourced to China and will be the last person to crack down on China. We saved a 1000 jobs protecting tire jobs. Bush never suggested that we eliminate funding for Planned Parenthood.
Romney: I will crack down on China and Bush didn't. Romney says he will balance the budget and Bush didn't. Obamacare scares small businesses from hiring.
Question: How is Romney different from George W. Bush?
Obama: A major difference in this campaign is that Romney supports politicians making health decisions for women. Romney also opposed funding for Planned Parenthood. These are not just women's issues. They are family's issues.
Romney: I learned a lot about this as governor. All of the applicants were men so we made an effort to find women that were qualified. A survey of all 50 states showed that Massachusettes had the highest percentage of women in leadership decisions. We also did very good recruitment. 3.5 million more women in poverty than 4 years ago.
Obama says his mother and grandmother were paid less than men. We must enforce the laws and we do not tolerate discrimination.
Question asked about income disparity.
Romney: Of course the numbers add up. As a governor I balanced the budget. The debt has increased from $10 trillion to $16 trillion under Obama.
Obama: The cost for lowering tax rates for everyone will cost $5 trillion. Romney wants to add $2 trillion to military spending. We haven't heard how Romney will pay for the cuts. Obama says that the additional deficit blows up the debt.
Romney: Why do I want to bring rates down? It aids small business and this helps create jobs. 23 million Americans without jobs. Crackdown on China and increase trade to Latin America.
Obama: My strategy on taxes is simple: Cut taxes for the middle classes and small businesses. When when companies get tax credits for hiring veterans, this aids the economy.
Romney: (1) Relief for the middle class (2) Limit deductions for the highest income people. No tax on your savings for people that earn $200,000. We will get on the track to a balanced budget.
Tax question: What is your position on deductions?
Obama says that thousands of people are creating wind power jobs and Romney opposes it.
Romney: Drilling is down on public lands. I will fight for all coal and natural gas. The proof is in the price at the pump. If the president's policy was working the price of energy would go down.
Obama: Companies weren't using the leases they had.
Romney: Obama cut licenses.
Obama says that Romney is wrong and that drilling is up. Obama says that Romney shut down a coal plant in Massachusettes.
Romney: Oil and gas drilling is down on federal lands and waters. The administration brought legal action against the drillers in North Carolina. The EPA head is preventing coal plants from being built. My goal is energy independence in 8 years with more goals and licenses.
Obama: We have increased oil drilling and increased energy efficiency. Obama says Romney's plan is to let the oil companies to develop America's plans.
Obama is asked a question about energy policy.
Romney has a one point plan: help the people at the top.
Romney: My plan was for the company to go through bankruptcy. Obama took GM through bankruptcy.
Obama: Your future is bright. I want to build on the 5 million jobs we've created in the private sector. (1) I want to build manufacturing jobs. (2)We change the tax code. We have the best education system in the world. (3)We have to control our own energy. (4) Balance the budget (5) Money spent on military spent on infrastucture.
Romney: Keep Pell Grants and student loan programs growing. I know what it takes to grow the economy.
College student asks what can you say to reassure me to about finding a job.
Candy Crowley is the moderator.
Gallup chose 82 undecided voters to ask questions from the candidates.
9:01 PM - Welcome to tonight's CP debate coverage.