Romney: I'm optimistic about our future. America. I want to get our economy going again. We are on track to $20 trillion dollar in debt and like Greece. I will help create millions of new jobs and we will need a president that can work across the aisle. Washington is broken and we will work with good Democrats and good Republicans.
Obama: Over the last 4 years we've made progress in digging out of problems caused by the previous administration. We will bring manufacturing jobs back to America. We will maintain the strongest military in the world. I will fight for your families.
Romney: Wages have declined.Today 47 million people on food stamps and $16 trillion in national debt. Hiring teachers will not make the private sector grow.
Obama says that we need to make smart choices. We should not reward companies that ship jobs overseas.
Romney: I was do nothing to hurt the auto administration. I have commitment that out companies can compete with anyone in the world. Solyndra is not basic research. The government will not invest in companies if I'm president.
Obama says if we are not making investments in education we will lose the lead in clean energy. Obama says that trade has doubled to China since he's become president.
Romney says China cannot continue stealing our intellectual property. They cannot steal our jobs.
Moderator asks if this labeling China a currency manipulator will cause a trade war.
Romney says that government does not make business succeed. China does not want protectionism or world chaos. They need the economy to be free and we do not need to be adversaries with them. China sees that we owe them a trillion dollars and cutting back military expenses. We need trade relations with China that work because they've held down their currency. On day one I will label them a currency manipulator.
Obama says the economy has been a big threat and that trade with China has not been fair and we've brought more court cases against China than previous administrations.
Moderator asks what will be America's greatest threat.
Obama: We built relationships in Somalia and Yemen. We need to make sure these government respect women's rights and we need to stand on the side of democracy. Our administration stood on the side of democracy in Tunisia, Egypt and Libya.
Romney says if Pakistan becomes a failed state, there are terrorists that could take over the nuclear weapons and that Pakistan is not acting like an ally. We did the right thing going into Pakistan to get Bin Laden. The Pashtun people that were part of the Taliban will re-enter Afghanistan when we pull out. Romney says that the President was correct to increase the use of drones. We have failed to influence the islamic world to reject extremism.
Moderator asks if we should withdraw foreign aid from Pakistan.
Obama says we defeated Afghanistan forces after Bin Laden's attack and now are responsibling transitioning out of the country. Now it is time to do some nation building at home. We can put veterans to work at home.
Romney says that we will pull the troops out in Afghanistan by 2014. Pakistan will soon have more nuclear weapons than Great Britain and if Pakistan's collapses it will be dangerous to us. We need to help Pakistan to move in the right direction.
Moderator says that America withdraws from Afghanistan in 2014 and will leave a small number troops for training.
Obama says Romney's words have been all over the map. Obama says that if we had to get permission from Pakistan we would never have gotten Bin Laden. When we bring people to justice that sends a message to the world.
Romney: The president says that things are going so well but I see jihadists and Syria with 30,000 civilians dead and growing trade imbalance. Russia has backed away from nuclear proliferation. Democrat senators even asked the President to repair relations with Israel.
Obama describes visiting a program to stop Hamas missles. Obama says that the president of the United States and the country stood on the right side of history.
Romney says he called it an apology tour and Obama visited other countries in the Middle East but not Israel.
Obama says that the accusations about his apologies have not been true. Iran is at its weakest point in many years.
Romney says that Iran saw weakness not strength in Obama's policies because of Obama apologizing to the world and Obama's silence on the protests in Iran. There are some 10,000 centrifuges spinning uranium in Iran. Diplomatic isolation needs to be stronger.
Obama says the reports in the media regarding Iran are not true and they must abide by U.N. rules. Iran must end their nuclear program. We had to make sure that Russia and China participated in the sanctions. We are not going to let Iran engage in negotiations that go no where and time is ticking.
Romney: We will stand with Israel. There is no question a nuclear Iran is not acceptable. Our mission is to dissuade Iran from this course of action. I would tighten those sanctions. I would make sure that Iran's leader would be indicted for supporting genocide. A military option is the last resort.
Obama says that we will defend Israel and as long as he is president Iran will not get a nuclear weapon. Their economy is in shambles. Iran is a state sponsor of terrorism and has said it wants to wipe Israel off the map. Military action is the last resort.
The moderator asks if an attack on Israel will be treated as an attack on the U.S.A. because this promise has been made to other allies.
Obama: We determine how we are best able to meet our defense needs.
Romney: I balanced budgets in business, as governor and overseeing the Olympics. Our navy is the smallest its been since 1917. Our air force is the smallest its been since 1947. I will not cut our military by $1 trillion.
Obama says that we spend more money on military than the next ten countries combined. We need to be thinking about cyber security.
Romney: We are going to cut about 5% of discretionary spending (except for military) and get rid of Obamacare and it is not affordable. We get rid of programs that we don't need. We let states run programs such as Medicaid.
Romney: The students in Massachusetts was 1st in the nation in math and English. Those schools are still 1st in the nation.
Obama says we have reformed education in 46 states. I want to hire more teachers in math and science.
Romney: I know what it takes to create higher take home pay. I will get America working again. We will have energy independence. We will increase our trade in Latin America. Latin America's economy is almost as big as China. We need training programs for our workers. We need a balanced budget. We have to champion small business. Small business formation is at its lowest in 30 years.
Obama says our relationship has never been stronger with israel. Obama says that we will bring manufacturing will come back to America and we will retrain workers for the future. We need to reduce the deficit and Romney's plan won't do this.
Romney says America must promote human rights, human dignity, elections. We want to end the conflicts as much as possible. We need to strengthen the economy at home so that college graduates can find a job. We need to strengthen our economy long term. We have to make decisions based on uncertainty. Pulling our missle defense out of Poland harmed our relationship there. Our president's was silent when protestors emerged in Iran.
Romney says he supported what removal of Egypt's leader. Our mission in the Middle East is to insure peace in the world. For us to promote peace requires a strong economy. Our debt is our biggest threat to our national security. We need strong allies. We also need to stand by our principles.
Obama says that the democratic leadership in Egypt must recognize the rights of women. They must abide by their treaty with Israel. They must cooperate with us. Their economy must be transparent.
Obama says we should be promoting a moderate leadership in Syria.
Romney: At this time we do not need American military involvement in Syria. We should have taken a leadership role in Syria. The insurgents need to be unified and form a council.
Obama: Quaddafi had more blood on his hands.
Romney says Syria provides an opportunity. Syria is Iran's only ally in the region. Our allies need the arms that they can use to defend themselves. Turks and Saudi Arabia are willing to work with us. We must arm responsible insurgencies in the region. The U.N. cease fire didn't work and Russia's role didn't work.
Obama says we've introduced sanctions against Syria's leader Assad and are working with moderates in the region. We need to be careful so that the arms provide in the region do not end up being used against us.
Obama says that we should be clear on our policies. Obama says that Israel is our best ally in the region.
Romney says attacking me is not agenda. Romney said Russia is a geopolitical threat.
Obama says that Romney wants to continue the cold war and that we should not have a timeline in Afghanistan and that Romney's foreign policy has been very consistent.
Romney says we must get the Islamic world to reject extremism on their own. How do we do this? The U.N. says we should continue economic aid, promote education, and gender equality. Syria is still murdering his own people.
9:08 Obama says that we are transitioning out of Afghanistan and this allows us to develop alliances to deal with future threats. We will investigate what happened in Libya and bring the perpetrators to justice. We got rid of a despot in Libya spending less than was spent in two weeks of fighting in Iran.
9:06 Romney says that with Arab Spring there was a sense of hope at first but now there is violence is threatening the region and Iran is 4 years closer to obtaining a nuclear weapon. We need a comprehensive strategy to reject extremism.
9:04 Schieffer asks if there was a policy failure after the recent Libyan crisis.
9:02 Moderator Bob Schieffer introduces the two candidates. Schieffer reminds the candidates that 50 years ago President Kennedy told America about the sighting of missles in Cuba.
8:59 PM - Welcome to tonight's CP debate coverage.