President Obama and Mitt Romney exchanged charges over tax and economic policies in their first presidential debate Wednesday, with the Republican challenger promising lower tax rates and cuts in government workers while the president said Romney's numbers don't add up.
Romney accused Obama of misrepresenting his tax plan, which Romney insisted would not produce higher tax bills for middle-income families and charged the president had failed to deliver on his promise to reduce the federal deficit.
"It's going to take a different path,'' Romney said. "Not the one we've been on.'' He said that middle-class Americans "have been buried ... they've been crushed" by Obama's current policies.
Obama said Romney's promise -- to lower tax rates while reducing loopholes, exemptions and other tax breaks that will prevent a loss in overall revenue to the federal government -- defies math as well as reality. "It's not possible to come up with enough loopholes and exemptions,'' Obama said. "It's math. It's arithmetic."
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